Compared to most oil-rich countries in the Middle East, Iran has a diversified economy, its tourism sector is on the verge of a major windfall, and threats to its political stability are in decline. The country’s urbanized and large middle class has maintained a strong preference for foreign-made products despite restrictions due to U.S. sanctions and a fragile economy. Senior executives should not lose perspective on the enormous opportunities in Iran, but they must be prepared to navigate some serious challenges.

Read more: https://hbr.org/2016/05/what-to-know-about-doing-business-in-iran


Oil-rich

an oil-rich country has plenty of natural oil under the ground from which it is able to make a lot of money:

“the oil-rich Gulf States”


 

diversified   Adjective

When something is diversified, it is diverse, meaning varied. If your investments are diversified, it means you have put money in more than one place: real estate, stocks, bonds, race horses, gold, alligator farms, and so on.


 

On the verge of

(also to the verge of)

If you are on the verge of something or come to the verge of something, you are very close to experiencing it:

“on the verge of collapse/success/tears/death/disaster/war “

“Her husband’s violent and abusive behaviour drove her to the verge of despair.”


 

Windfall /wind/

any unexpected gain or success.


 

Decline uk   us   /dɪˈklaɪn/

when something becomes less in amount, importance, quality, or strength:

“industrial decline”

“ Home cooking seems to be on the/in decline (= not so many people are doing it).”


 

Urbanize    \ˈər-bə-ˌnīz\

to cause to take on urban characteristics “

“urbanized areas”


 

Fragile   /ˈfradʒʌɪl/ Adjective

Unstable (peace, democracy, relationship)
“the fragile state of the economy”


 

Perspective  uk   /pəˈspek.tɪv/  us   /pɚˈspek.tɪv/

a particular way of considering something:

“Her attitude lends a fresh perspective to the subject. “

“He writes from a Marxist perspective. “

“Because of its geographical position, Germany’s perspective on the situation in Russia is very different from Washington’s.”


 

Enormous    adjective uk   /ɪˈnɔː.məs/ us   /əˈnɔːr.məs/

extremely large:

“an enormous car/house”

“ He earns an enormous salary.”


 

Navigate    /ˈnævɪɡeɪt/   verb

to deal effectively with a complicated situation

“There’s no one I trust more to navigate these tricky political situations.”