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Next Iranian President Faces Economic, Foreign Policy Tests

The next Iranian president will have a full plate, dealing with economic and foreign policy challenges which are linked.
A view of a petrochemical complex in Assaluyeh on Iran's Persian Gulf coast May 28, 2006. Picture taken on May 28, 2006. REUTERS/Morteza Nikoubazl - RTR1DXLC
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For Iranians, the election is about the economy first, foreign policy second. The economic challenges include inflation, unemployment and devaluation of the national currency.

Inflation is disproportionately hurting the lower and middle classes. While Iran’s Central Bank reports that the inflation rate for 2012 has been 27.4%, Steve Hanke, professor of Applied Economics at The Johns Hopkins University and a senior fellow at the Cato Institute in Washington estimates that Iran experienced an inflation rate of 110% for the same period. This is quadruple the rate reported by the Central Bank.

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