Why the Iran nuclear deal is an economic breather

Recently, Iran and western powers signed a deal in which it was agreed the West Asian nation would scale down its nuclear programme in exchange for a cut in economic sanctions.

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For western powers, the deal is a way to stop Iran from acquiring nuclear weapons.

For Iran, it's a lifeline for its beleaguered economy. The UN sanctions have severely restricted Iran's economic space.

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The country's GDP contracted for the first time in over a decade in 2012 and inflation soared to a record high.

In the last several years, Iran's GDP grew at a CAGR of 2.3 per cent, a sharp contraction from 6.6 per cent growth recorded during 2002-07.

Potentially, Iran remains one of the largest economies in the region with an investment rate comparable to that of India and rivalling that of Turkey, which has become one of the most attractive investment destinations in the region.