Recent elections in Iran have provided a positive endorsement of President Rouhani’s reformist policies ahead of next year’s presidential vote and should ease fears that Tehran will renege on its nuclear agreement with major foreign powers (which could see sanctions put back in place). Against this backdrop, we think the country could enjoy a short period in which economic growth reaches over 5% a year. But sustaining this for any length of time will require wholesale economic reform and, with hardliners not completely out of the picture, the government has a tough job on its hands.
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