Development Of Iran
Iran's economic growth in the past century clearly shows that it has not yet
entered the path of sustained and expediential growth. For the last thirty years Iran has been
experiencing boom and bust cycle rather than sustained growth. The close association between
per capita income and per capita oil revenues suggests a reason for the fluctuating level of
income. Both per capita GDP and non-oil GDP increased steadily during 1960-76 while oil
income was rising (Sewer). The decline in per capita oil revenues which started in the mid 1970s
slowed the economy, but is not entirely responsible for the one-third decrease in per capita GDP
in 1977-82 (Sewer). Disruptions due to the revolution and the war with Iraq no doubt also
contributed to economic decline. In the post-revolution years we again observe a close association
between oil and per capita income. This pattern of boom and bust is not peculiar to Iran and is
shared by other oil-exporting......
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