Wednesday, November 29, 2017

Iran's Poverty

In Iran, about 85 percent of its people are horribly poor, while five percent are wealthy. As economic and trade sanctions ease, the gap – that should have narrowed – widens. The increased revenue only seems to have made the rich richer and the poor poorer. According to the IMF, 53 percent of Iranians still live below the poverty line

According to the Statistical Center of Iran (SCI), most Iranians earn about $450 a month, barely enough to cover utilities and a one-room apartment in Tehran. Since there is only one major industry, there are a limited number of jobs for workers to fill, so unemployment mushrooms. It leapt from 12.40 percent in the first Quarter of this year to 12.60 percent only seven months later, according to the business website Trading Economics. The minimum wage, set at 930 thousand tomans, drives people to juggle two to three jobs to survive. 

Iran has always had its oil resorces to bail it out, but, over the last three years, the price of oil has stagnated making the oil reserves worth significantly less. Even if that were not the case, the flow of oil money only benefits the top ruling officials and the wealthy business class connected to it.

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