CEO Farzad Rashidi reported that all 45 of their workers are currently unemployed. According to Reuters interviews with numerous business owners in Iran, many companies have halted production and numerous employees are being let go due to unfavorable business conditions, primarily as a result of new US sanctions. The Iranian rial has experienced significant depreciation and economic growth has greatly declined following President Trump's decision to withdraw from the nuclear deal with Tehran in May and impose sanctions targeting US dollar transactions, gold trading, and the automotive industry in August. Iran's important oil and banking industries were impacted in November, resulting in significant financial losses. Due to the ongoing fluctuations in the currency market, the decision was made to suspend all activities in order to mitigate further losses. Rashidi stated that continuing operations in such uncertain circumstances would be foolish. This decision comes after previous unrest in the country caused by economic hardships, with projections indicating that the situation could worsen due to sanctions. Four days prior to being dismissed by parliament in August for not adequately protecting the job market from sanctions, labor minister Ali Rabiei stated that Iran would see a million job losses by the end of the year due to US measures. With unemployment already at 12.1 percent and three million Iranians jobless, a parliamentary report in September warned that increasing unemployment could pose a threat to the stability of the Islamic Republic. The report suggested that if economic growth remains below 5 percent in the coming years, unemployment could reach 26 percent. The International Monetary Fund has predicted that Iran's economy will shrink by 1.5 percent this year and by 3.6 percent in 2019 because of declining oil revenues. Iran's vice president has expressed concern about the impact of sanctions on the country, highlighting the risks of unemployment and decreased purchasing power. Eshaq Jahangiri emphasized the importance of job creation and preventing productive companies from stagnating due to sanctions. However, business owners have criticized the government's monetary policies, fluctuating foreign exchange rates, rising raw material costs, and high-interest bank loans, which have forced many to close down or lay off workers. For example, the Jolfakaran Aras Company, one of Iran's largest textile factories, is considering shutting down operations, potentially leading to hundreds of job losses. The manager, who preferred to remain anonymous, stated that around 200 workers were laid off in August, and the situation has worsened since then. There is a strong likelihood that the factory will close down. Ahmad Roosta, the CEO of Takplast Nour, expressed optimism that a drought in Iran would benefit his recently opened factory that manufactures plastic pipes for agriculture. However, Roosta acknowledged that if the current situation persists, he may have to shut down the factory within one or two months because the farmers, who are the primary consumers of their products, are unable to afford them. The Iranian car industry has been impacted by sanctions, causing setbacks for companies that had previously seen success following the lifting of sanctions two years ago. Major French and German firms, such as PSA Group and Daimler, have either suspended joint ventures or dropped plans to expand their businesses in Iran to avoid US sanctions. As a result, over 300 auto parts makers have been forced to halt production, putting tens of thousands of jobs at risk in the sector. According to Maziar Beiglou of the Iran Auto Parts Makers Association, the government's changing monetary policies have also contributed to issues in the industry. Mostafa Tanha of Iran's Tire Producers Association noted that while tire factories have not slowed down, production growth has not met expectations due to these challenges. Youth unemployment in Iran is a significant issue, with economic pressures from Washington primarily targeting the government and its allies in the region rather than the Iranian people. However, young Iranians are disproportionately impacted by the high unemployment rates. Maryam, a public relations manager at a food import company, recently lost her job due to a decrease in customers and the company's decision to stop importing goods. The remaining employees are concerned about the possibility of the company shutting down and selling off its inventory. In a country with a population of 80 million, 60 percent of whom are under 30, youth unemployment is at 25 percent. In certain areas, the unemployment rate for young people with higher education is over 50 percent, as per official statistics. Armin, a 29-year-old with a degree in mechanical engineering, lost his job in the housebuilding industry due to recession after the fall of the rial. He expressed concerns about the slowing property market and unaffordable house prices in Rasht, northern Iran, stating that the situation is deteriorating day by day. Nima, a legal consultant specializing in startups and technology companies, believes that sanctions have already impacted numerous companies in the industry that relied on exports and had plans for regional expansion. He noted that even the gaming sector in Iran has been affected by the sanctions, causing many teams to halt game development in anticipation of future developments. Saeed Laylaz, an economist in Tehran, however, takes a more optimistic view, attributing youth unemployment in Iran to demographic factors and government policies, with sanctions exacerbating existing challenges. Laylaz predicts that despite the economic pressures caused by sanctions and policy uncertainties, the market will eventually stabilize. Laylaz, who recently met with Rouhani along with other economists to provide input on economic policies, stated that they will overcome the current sanctions just like they have in previous instances.