The Iranian economy was already in crisis before the U.S.-Iran conflict. Now, in addition to the damage caused by U.S. bombing, the blockade has cut off almost all external revenue to the IRGC, driving the economy closer to complete collapse. Photo courtesy of Homeland Security Today. Iran’s economy entered 2026 already in structural collapse, and the February 28 war has since accelerated every negative trend simultaneously. The IMF projects a 6.1% real GDP contraction for 2026, one of the largest country-level revisions in the April World Economic Outlook, cut by 7.2 points from the January forecast, alongside projected consumer price inflation of 68.9%. That figure carries important methodological caveats. It assumes a short-lived conflict, counts oil extracted into floating storage as produced output regardless…
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