Iran is drifting away from an oil-centered economy greatly prone to spasmodic market volatility and turmoil, which has unfailingly stunted the country’s every bid for sustainable development. At their peak, oil revenues have caused an outbreak of virulent economic maladies, including stagflation and the Dutch disease – a situation when a sudden flush of petrodollars has led to a decline in manufacturing and agriculture. The worst situation in case was former president Mahmoud Ahmadinejad’s tenure when an oil windfall of about $800 billion left Iran saddled with an inflation rate of over 40% and a tattered economy. With lower oil prices and revenues, meanwhile, the government has had to struggle for funding development projects and paying its huge army of employees in a country where much of industries and businesses is state-owned. In recent months, a growing supply glut has sent oil prices into a tailspin, with Iranian crudes […]