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The pace slowed by 1978 as capital flight reached $30 to $40 billion 1980-US dollars just before the revolution.
Traditionally agricultural, by the 1970s, the country had undergone significant industrialization and modernization. Economic policies implemented to combat these problems led to declines in the rates of nominal economic growth and per capita income by 1961. Subsequently, inflation increased, the value of the national currency (the rial) depreciated, and a foreign-trade deficit developed. However, between 19 a rapid increase in oil revenues and sustained foreign aid led to greater investment and fast-paced economic growth, primarily in the government sector. No fundamental change occurred in the economy of Iran during World War II (1939–45) and the years immediately following. Reza Shah Pahlavi, who abdicated in 1941, was succeeded by his son, Mohammad Reza Shah Pahlavi (r.
During this time, Iran experienced a period of social change, economic development, and relative political stability. 1925–41) improved the country's overall infrastructure, implemented educational reform, campaigned against foreign influence, reformed the legal system, and introduced modern industries. The Imperial Bank of Persia was established in 1885, with offices in all major cities of Persia. The bank continued its activities under the name of Bank Iran until 1933 when incorporating the newly founded Keshavarzi Bank. Polyakov's Bank Esteqrazi was bought in 1898 by the Tzarist government of Russia, and later passed into the hands of the Iranian government by a contract in 1920. Such changes included importing modified seeds and signing collaboration contracts with other countries. Modern agriculture in Iran dates back to the 1850s when Amir Kabir undertook a number of changes to the traditional agricultural system. 475 BC), the Royal Road of the Persian Empire ran some 2,857 km from the city of Susa on the Karun (250 km east of the Tigris) to the port of Smyrna (modern İzmir in Turkey) on the Aegean Sea. There are accounts in the biblical Book of Esther of dispatches being sent from Susa to provinces as far out as India and the Kingdom of Kush during the reign of Xerxes the Great (485–465 BC). In 546 BC, Croesus of Lydia was defeated and captured by the Persians, who then adopted gold as the main metal for their coins. Persian Achaemenid gold coin (circa 490 BC) Consequently, the tourism industry was significantly improved and inflation decreased. However, in 2015, Iran and the P5+1 reached a deal on the nuclear program which removed most international sanctions. Iran's educated population, high human development, constrained economy and insufficient foreign and domestic investment prompted an increasing number of Iranians to seek overseas employment, resulting in a significant " brain drain". Iran's currency ( Iranian rial) has fallen, and Iran has a relatively low rating in " Economic Freedom", and " ease of doing business". Challenges include a COVID-19 outbreak starting in February 2020 and US sanctions reimposed in mid-2018, increased unemployment due to the sanctions, inflation, a "chronically weak and undercapitalised" banking system, and an "anemic" private sector. GDP contracted in 20, but a modest rebound was expected in 2020. Most of the country's exports are oil and gas, accounting for a majority of government revenue in 2010. The government's 20-year vision (as of 2020), involves market-based reforms reflected in the government's, with a five year development plan ( FY 2016 to FY 2021) focusing on "a resilient economy" and " progress in science and technology". Contraband, administrative controls, widespread corruption, and other restrictive factors undermine private sector-led growth. Price controls and subsidies, particularly on food and energy, are heavily prominent in the economy. A unique feature of Iran's economy is the presence of large religious foundations called bonyads, whose combined budgets represent more than 30 percent of central government spending. With 10% of the world's proven oil reserves and 15% of its gas reserves, Iran is considered an " energy superpower". The stock exchange has been one of the best performing exchanges in the world over the past decade. It is dominated by oil and gas production, although over 40 industries are directly involved in the Tehran Stock Exchange. Some 60% of Iran's economy is centrally planned. It is the world's 23rd largest by purchasing power parity (PPP). The economy of Iran is a mixed economy with a large state-owned sector. All values, unless otherwise stated, are in US dollars.