Tag: The Islamic Republic of Iran

The hereditary monarch, Shah Mohammad Reza Pahlavi, fled the country in 1979 after decades of corrupt and authoritarian rule and mounting religious and political unrest. Exiled Ayatollah Ruhollah Khomeini returned from Paris to lead an Islamic revolution and formed the world’s first Islamic republic the same year. The current president is Ebrahim Raisi, who won the elections in 2021.

Although Iran has great potentialities thanks to its geographically strategic position in the Middle East connected with Europe and Asia and its natural resources, due to the Western sanctions imposed against the Iranian Government, the country has experienced internal economic problems. Indeed, Iran ranks second for natural gas reserves and fourth for proven crude oil reserves. While relatively diversified for an oil-exporting country, economic activity and government revenues still rely on oil revenues and have been volatile.