In a new report, the World Bank said the country will continue to experience stable economic growth in the current Iranian calendar year ending on March 20, 2024.

The Islamic Republic’s economy achieved an average growth rate of 3.8% last year, mainly because of the services and industry sectors, it said.

Both exports and imports increased this year, and strong investment in the machinery sector led to growth in investment figures, the report added.

The World Bank also predicted that the growth of Iran’s GDP will continue in the medium term, and the increase in oil production and export will act as one of the factors of growth during this period.