Economic Diversification: Moving Away from Oil
In the past 40 years, before and after the Islamic Revolution, Iran has been trying to diversify its economy by investing in nonoil sectors and acquiring new technologies. There are signs that Iran has reached some success as it is today a high middle-income country with a significant industrial base, a relatively well-developed science and technology infrastructure, and adequate human development.1 The role of oil revenues in Iran’s economy has been gradually declining during the past decade (2003–2012) as the country has been focusing on nonoil sectors. Likewise, the share of nonoil exports in Iran’s economy has increased from 14 percent in 1992 to 24 percent in ...
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