Iran Nuclear Deal Gives Hope for New Start in the Economy

Following the nuclear agreement between Iran and six world powers people across the Islamic republic could be seen with smiles on their faces knowing the economy would be relieved from the debilitating sanctions imposed against them.

Maybe the governments of the U.S. and Iran do not like one another, but the people of Iran love products from the U.S., said a store owner who specializes in cell phones.

The storeowner said there was a pent-up demand that was he for American goods, like the iPhone.

Numerous consumer products have not been available to people in Iran under the crippling sanctions that have caused the economy in the country to shrink 20% since the start of 2012. The sanctions made it difficult as well for owners of businesses to have products that their customers wanted.

While it might be months before the country feels the effects of the sanctions easing, the country, which is rich in oil, will gain access eventually to over $100 billion in assets that have been frozen.

A CEO at a financial services business in Tehran said that once the U.S. government gives its OK to firms, and then there will be a number of investors who will come to Iran, which can only help the economy even more.

Businesses that are outside of Iran have been waiting to cash in said the CEO.

A number of companies in the U.S. that were active prior to the sanctions in Iran will consider returning because if they do not then their competitors in Europe will look to take advantage of the situation and American companies could lose out.

Another businessman in Tehran said that the environment in Tehran and other areas of the country turned around after Hassan Rouhani the moderate was elected President in Iran in 2013 and started talks with the United States and the other world powers.

Leave a Reply

© 2006-2016 Mideast Time.