Deepening poverty, rising household debt, rampant inflation, hidden unemployment.
The indicators for Iran’s economy signal a deepening crisis on multiple fronts – and at least one official news outlet is not shy about reporting it.
On Sunday, US President Donald Trump made clear that inflicting economic pain on Iran is part of Washington’s strategy.
“We are only semi-negotiating with (Iran). We are just watching Iran with its huge inflation and the fact they have no money,” he said.
The state of Iran’s economy suggests that calculation may not be misplaced.
“Workers are constantly indebted to everyone and everything,” according to the Iranian Labour News Agency (ILNA).
Hossein, a 35-year-old in Tehran who lives with his family, told the agency that he now used “credit apps” on daily commuting or buying a small meal.
President Masoud Pezeshkian has frequently warned of the social consequences of Iran’s economic meltdown, and even state media acknowledge the risk of renewed social unrest.
As long as inflation, unemployment, declining purchasing power and a sense of inequality persist, “social discontent will continue to reproduce itself,” state news agency IRNA reported last month.
Earnings are certainly not keeping up with inflation, according to government statistics. The rate of inflation for food has soared by nearly 130% over the past 12 months; the wages of low-paid workers have grown by less than half of that.
The government has recently warned it may add to the pain by reducing gasoline subsidies, which would trigger a new wave of inflation and potentially lead to higher unemployment.
In the past, raising the price of gasoline triggered protests.
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