IranMarket Recession Ahead of the Iranian New Year

Market Recession Ahead of the Iranian New Year

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Amid reports of market stagnation and widespread poverty in Iran, senior officials of the Iranian regime have described poverty as a “divine test” and are now considering “paving the way for weaker individuals to leave.”

Masoud Pezeshkian, the president of the Iranian regime, stated that the path for weaker individuals should be made easier for them to leave, while Yousef Tabatabai-Nejad, a member of the regime’s Assembly of Experts, referred to poverty as a “divine test.”

These remarks by senior officials of the Iranian regime, which normalize poverty in Iran, come at a time when protests and strikes over economic hardships continue in response to soaring prices, inflation, and the government’s failure to provide welfare and livelihoods for citizens. Some officials have even warned of an impending famine.

Severe Inflation and Economic Instability Overshadow Iran’s Nowruz Market

Under these circumstances, the Iranian regime’s Majlis (parliament) has passed a resolution declaring Thursdays as a holiday, requiring executive bodies across the country to adjust their working hours to a five-day workweek.

The stated objectives of this plan are to “increase productivity, reduce energy consumption, and improve the quality of services” in government institutions. However, some observers believe it will exacerbate the crisis, as it would render international trade and banking transactions with most countries impossible for four days a week, given that many nations observe weekends on Saturdays and Sundays.

At the same time, Siamak Qasemi, an Iranian economic expert, recalled a statement made by the then-governor of the Central Bank in 2003, who had declared, “We will not let the dollar reach 9,000 rials,” whereas today, it has surpassed 900,000 rials. He advised citizens: “Make your economic and business decisions based on economic realities, not on the words and promises of officials—because the power of economics is greater than any authority.”

Previously, some analysts have considered the economy to be the “Achilles’ heel” of the Iranian regime, while others have emphasized that the Iranian government has already undergone an “economic collapse.”

The continuous decline of the national currency against foreign currencies, escalating economic crises, and the worsening financial strain on the people have plunged markets into deep recession ahead of Nowruz (Iranian New Year) and Ramadan—two occasions traditionally associated with increased economic activity in Iran.

According to public reports, the market is in complete stagnation, and people can no longer afford to buy goods.

A citizen’s account, titled “A Soulless Market, A Joyless New Year’s Eve; Business in Deep Sleep,” describes the situation: “These days, the handbag market and shopping malls, which were always bustling with excitement before the New Year, have become eerily empty. In previous years, cars would line up, and there would be no way to get through. But today, there is no sign of buying or selling. Shopkeepers say in despair: ‘There is no money left, no excitement for the New Year. There are no customers, and no reason to be happy.'”

He adds: “We are all waiting, hoping that this economic nightmare will finally come to an end.”

Nevertheless, Iranian regime officials have no plans to ease tensions. Instead, they continue to confront the international community and persist in their regional terrorist interventions.

Meanwhile, popular protests are surging in various cities across the country. In the past, such demonstrations have quickly escalated into nationwide uprisings demanding the overthrow of the ruling regime in Iran.

 

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