World Bank: Iran's GDP set to rise by 1% in 2014

Iran's economy is on the move, with the country's gross domestic product expected to increase by one percent this year. That's according to the World Bank's newly released Global Economic Prospects review of the world economies. It also predicts a 1.8 percent growth in 2015 and the next year. This comes as the Central Bank of Iran has announced that the national economy contracted by 5.4 percent in the past Iranian calendar year ending last March. Iran's economy has been hit by unilateral illegal sanctions by the US and EU which put some strain on its growth.