BRICS growth has been slowing since 2010, reflecting a deceleration in potential growth. Until 2013, the slowdown was predominantly driven by external factors, but the role of domestic factors has increased in the past two years.
An international agreement on the Islamic Republic of Iran’s nuclear program was reached in July and is expected to be implemented in the first half of 2016. Sanctions will be lifted at that time and terminated in 2023. The impact of Iranian exports on global oil and natural gas markets could be large over the longer term provided that Iran attracts the necessary foreign investment and technology it needs to extract its substantial resources.