Iran deal could unlock huge economic potential
The checklist of attributes Iran possesses is impressive. It has the second largest population in the Middle East with 80 million, 9% of proven oil reserves, 18% of proven gas reserves and an abundance of strategic minerals.
"If you put together the consumer potential of Turkey, the oil reserves of Saudi Arabia, the natural gas reserves of Russia, and the mineral reserves of Australia you have it all in one country," said Ramin Rabii, CEO of Iranian investment firm Turquoise Partners, on a recent visit to the United Arab Emirates.
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Iranians have had to live with the pain of being largely shut out of the global economy for years. Layer after layer of sanctions have been applied, but the noose really tightened in 2012, when the European Union joined a U.S.-led effort to shut down oil trade.
Iran's top four customers of oil products -- China, India, Japan and South Korea -- fell into line with the global effort on sanctions, cutting back imports by a third or more in the past few years.
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Deeper measures were implemented that included limiting access to shipping insurance, and blocking Iranian banks from the SWIFT global electronic payments system.
As a result, the economy shrank by 5 percent in 2013. Iran still has a double digit rate of unemployment. Inflation soared to more than 45 percent at one point when the Iranian currency was under pressure.
With GDP of about $366 billion, Iran's economy is about 20% smaller than it would have been without sanctions, according to a study by the U.S. Congressional Research Service. That gives it a world ranking of just 18.
Under the combative eight year rule of former President Mahmoud Ahmadinejad, uncertainty prevailed. Just a few years ago, Iran was threatening to disrupt oil shipments off its coast.