The lifting of the financial restrictions
imposed on Iran to discourage it from developing nuclear weapons will
have a huge impact on economies around the world, reported Bloomberg.
Iran is described as the “top winner” with
its $388bn economy likely to reach 6% growth as early as 2016,
according to Garbis Iradian, chief economist for the Middle East &
North Africa at the Institute of International Finance.
As for oil prices, Iran (home to the
world’s fourth-largest oil reserves) will likely increase production as
much as 800,000 barrels a day in 2016.
In the US, the nuclear deal will not lift
the sanctions that prevent most American companies from trading with
Iran. According to Bloomberg, this is why the agreement is not likely to
move the needle on US growth as a whole in 2016.
There is one exception: the aviation
industry. The deal calls for the US to allow the sale of commercial
passenger aircraft, as Iran needs to invest at least some $20bn to
update its aging planes, reported Bloomberg.
Another exception could hurt pistachio
growers in California since the deal will allow Iranian pistachio
imports into the US. According to the report, Iran’s pistachio crop was
worth more than $1bn last year, comparable to what US farmers grew.
For Europe, Bloomberg said that removing
international sanctions against Iran could mean regaining its
pre-sanctions status as the country’s biggest trading partner. Trade
between Europe and Iran dropped from more than $30bn to about $9bn when
sanctions began to be tightened, according to data compiled by Bloomberg
News.
http://www.neurope.eu/article/iran-petroleum-planes-and-pistachios/