By 1975, the government was overspending on its development programs, and as a result their budget surplus of $2 billion in 1973 became a deficit of $7 billion in 1977.
By 1975, the government was overspending on its development programs. Iran soon faced a cyclical recession, and as a result their budget surplus of $2 billion in 1973 became a deficit of $7 billion in 1977.