Business Daily What's gone wrong with Iran's economy?
20 snips
Jan 14, 2026 
In this discussion, Arash Azizi, an Iranian-born author, shares his firsthand insights on life amidst Iran's economic turmoil, highlighting how rising inflation has decimated the middle class. Mahdi Godzai, an economist based in Austria, explains the catastrophic decline of the rial, linked to government policies and sanctions. They delve into the nationwide protests sparked by economic despair, revealing how deep-rooted corruption and lack of reform exacerbate the crisis. The conversation paints a vivid picture of a nation grappling with hardship and injustice.
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Deep Economic Decline
- Iran's economy has deteriorated sharply with GDP falling from $644bn (2012) to a projected $356.5bn (2025).
- The currency collapse and inflation have pushed middle-class jobs into poverty and cut real living standards.
Empty Bazaars Signal Crisis
- Bazaar merchants in Tehran staged protests as customers vanished because people no longer had money to buy goods.
- A shopkeeper said he felt ashamed in front of his family and that they were barely surviving.
Rial's Severe Devaluation
- The rial has massively devalued, from 10,000 rials to around 150,000 rials per dollar in recent years.
- Devaluation makes imports like food and medicine far more expensive and drives inflation for essentials.
