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Economic reforms

Under the Shah's leadership, Iran experienced an impressive transformation of the economy. From 1925 to 1976 Iran's economy had grown 700 times, per capita 200 times, and domestic capital formation 3,400 times most of which occurred during the reign of the second Pahlavi Monarch, Mohammad Reza Pahlavi. Iran enjoyed an average annual industrial growth rate of over 20% from 1963 to 1976. From 1965 to 1976 Iranian per capita income rose 8 times from $195 to $1,600. By 1978 per capita income surpassed $2,400. Much of the growth was not due to oil income. Among the OPEC oil-producing nations experts agreed only Iran's growth was due to an intelligent development plan while the growth seen in nations such as Saudi Arabia and Libya was solely based upon oil revenues. Iran's growth was expected to continue, with half of the Iranian families expected to own cars by 1985, per capita income reaching $4,500 ($ 12,748 adjusted for inflation), Iran would produce twenty million tons of steel annually, one million tons of aluminum, one million cars, three million television sets, one million tons of paper, and a large number of engineers.

During the Shah's rule, Iran's average income level was nearing that of Western European nations, and Iranians experienced an unprecedented amount of prosperity and opportunity with an emerging middle class. Iran's growing prosperity coupled with goals of independence allowed for increasing autonomy from Western nations like the US. From 1963 to 1977 Iran experienced an average annual growth rate of 10.5% making it one of the world's fastest-growing economies and Iran experienced its largest GDP growth ever. The economic growth was not simply based on oil, in fact, non-oil revenues grew at a faster rate of 11.5% annually.

During the 1960s and 1970s, Iran's society and the economy experienced a great transformation as a result of rapid industrialization. The state invested in infrastructure to develop industry and provided financial capital resulting in profitable conditions for private Iranian companies. As a result, Iran's development across the industrialization scale, technological advancement, economic growth, urbanization, and per capita income increase was extraordinary compared to other developing nations. World Bank data during this period reveals Iran had an annual real growth rate of 9.6% for middle-income categories which was the highest of any other country in the developing world. Investment, savings, consumption, employment, and per capita income also demonstrated exceptional growth. Gross domestic investment grew at an average yearly rate of 16% and reached 33% of the GDP by 1977-1978. Iranian consumption grew on average by 18% a year. Iran's middle class was far larger than any other developing country. Iran's economic growth was compared to that of rapidly industrializing Asian countries such as South Korea. Since the revolution, Iran's economic growth and rapid industrialization have plummeted.

During the early 1970s, with the success of the Shah's White Revolution, Iran had become a country of economic opportunity, and its international status was rising. From 1959 and 1970 the Gross national product (GNP) approximately tripled rising from $3.8 to $10.6 billion and by the late 1960s Iran become one of the middle east's most flourishing spots for investment among foreign investors due to financial stability and rise in purchasing power. Many foreign powers struggled to compete for relations with Iran due to the rising potential of its growing marketplace. Iran Air also became one of the fastest growing airlines in the world and many Iranian construction companies some funded by the state had been involved in many construction projects such as Pre-Fab Inc. which created the precast concrete benches for the Āryāmehr Stadium.