Bozorgmehr Sharafedin, Reuters: Trump’s sanctions are crushing Iran’s job market and potentially destabilizing the regime
* Reuters interviewed dozens of business owners across Iran and found that hundreds of companies had suspended production and thousands of workers were being laid off because of a hostile business climate mainly caused by new US sanctions.
* The Iranian rial has fallen to record lows, and economic activity has slowed dramatically since US President Donald Trump withdrew from the nuclear deal with Tehran in May.
* Unemployment in Iran is already 12.1%, with 3 million Iranians unable to find jobs.
* A parliamentary report in September warned that rising unemployment could threaten the stability of the Islamic Republic.
LONDON — Tamnoush, an Iranian company that makes fizzy drinks, has shut down its production line after 16 years and laid off dozens of workers. It was facing massive losses as US sanctions pushed up the price of imported raw materials.
“All our 45 workers are jobless now,” CEO Farzad Rashidi said. “The men are driving taxis, and women are back to being housewives.”
Reuters interviews with dozens of business owners across Iran show that hundreds of companies have suspended production and thousands of workers are being laid off because of a hostile business climate mainly caused by new US sanctions.
The Iranian rial has fallen to record lows, and economic activity has slowed dramatically since US President Donald Trump withdrew from the big powers’ nuclear deal with Tehran in May.
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WNU Editor: The Iranian economy was in free-fall before U.S. sanctions due to fiscal mismanagement and government corruption. As for the Iranian government, they are vowing to soldier on …. Rouhani says Iran to continue oil exports and resist U.S. economic war (Reuters). But what is not going to help the Iranian economy will be this …. EU open to Iran sanctions after foiled France, Denmark plots: diplomats (Reuters). My prediction for the future …. expect more protests and strikes in Iran like the above video.