Iran Economy: Sanctions proven a folly?!

Category: World
Written by: Ammar (on February 04, 2008 - 09:56 PM)

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I was going through the news and came across this very interesting report on Iranian imports and their overall economic development over the past 5 years. A period in which the Islamic Republic has been time and again under heavy international economic and trade sanctions.

The International Monetory Fund (the dreaded IMF as we know it in Pakistan), says Iranian imports have increased from $18 billion in the year 2002 to over $40 billion in the year 2007.

The report clearly indicates that despite international pressure, sanctions and limitations, Iranian imports have increased dramatically over the past 5 years, perhaps an indication that such sanctions are ineffective. 

During 2007, Chinese exports to Iran exceeded those of all EU countries combined. Major exporters of goods to Iran are China, the EU, the United Arab Emirates, South Korea, Russia and India. After Germany, major west European countries exporting to Iran are Switzerland, France, Italy and England.

Iranian GDP in the year 2007 alone was $852.6 billion and it recorded an overall growth of 4.3%.The bottom-line now, that have international sanctions become a folly? Something that does'nt really matter anymore? The entire world on one side cannot crumble a nation just by tabling a resolution anymore!?

I am no economics expert. But this report from the IMF did make me explore the dynamics of the Iranian economy.

It's a lesson for us all, that if there's a will - there's a way! No sanctions, no pressure, no hurdles can stop a nation from progressing if we uphold our self-esteem and dignity!

May Allah bless Pakistan! 

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