IRAN FORMER LABOR MINISTER SAYS THE ECONOMY IS FINE IF YOU IGNORE INFLATION

What happened: Iran's former labor minister Hojjat Abdolmaleki said on state television that the economy has no serious problems once high prices are set aside. Why it matters: The article argues that excluding inflation from the definition of economic distress ignores a contraction in productive activity alongside a rising cost of living, and that lost oil revenue and currency depreciation leave the government short of hard currency for imports.

Iran's former labor minister Hojjat Abdolmaleki said on state television that the economy has no serious problems once high prices are set aside.

The article argues that excluding inflation from the definition of economic distress ignores a contraction in productive activity alongside a rising cost of living, and that lost oil revenue and currency depreciation leave the government short of hard currency for imports.