Iran’s flourishing stockmarket reflects its resilient economy

AS ONE DOOR slams shut, another creaks open. In the past fortnight the global pressure on Russia’s finances has increased dramatically. Meanwhile, in Iran, the grip of sanctions is set to be relaxed again. In 2018 America withdrew from a multilateral nuclear accord with Iran. A year-long negotiation to revive it has moved to the final stages. A deal appears close. It is not unhelpful to its chances that an accord would bring Iranian oil back to the global market.Iran’s experience is instructive. In the past decade it has suffered recessions, devaluations and chronic inflation under the pressure of worldwide sanctions. Its economy has been whacked. But it has not collapsed. That is in large part because Iran’s manufacturers have proved resilient. Tehran’s flourishing stockmarket is testimony to the economy’s hardiness. Many of the firms that have survived and prospered are listed there.