Iran's Supreme Leader Ayatollah Ali Khamenei has designated the new Persian year 1404 as the "Year of Investment for Production" in his annual Nowruz message, his website announced on March 19.

Khamenei's message immediately followed that of President Masoud Pezeshkian, who promised he would attempt to fix the downward spiral of the Iranian economy in recent months. 

Iranian society is under significant pressure as the re-elected Trump administration continues to increase pressure on the Islamic Republic’s economy, with the US dollar reaching close to IRR1mn days before the new year and local prices going through the roof.

Noting the coincidence of the Persian New Year with the holy Nights of Qadr and the martyrdom of Imam Ali, Khamenei described 1403 as an eventful year with "successive incidents similar to those of the 1980s" that brought "hardships and difficulties for the people."

"The martyrdom of several Iranian advisers in Damascus, the death of President Raisi, the beloved president of the Iranian nation, and subsequent bitter events in Tehran and Lebanon caused the Iranian nation and the Islamic Ummah to lose valuable elements this year," Khamenei said.

The Supreme Leader pointed to "economic pressures and livelihood difficulties, especially in the second half of the year" as other challenges of 1403, but praised the "immense and remarkable phenomenon of the Iranian nation's strong will and spiritual morale, unity and high-level readiness" in response.

Khamenei highlighted the swift presidential election of Masoud Pezeshkian following Raisi's death as another demonstration of Iranians' "spiritual strength and ability," adding that "in dealing with the problems of the people of Lebanon and Palestine, the Iranian nation, with open arms, sent a massive flood of public aid to their religious brothers and sisters."

Regarding the economic focus for the new year, Khamenei said: "This year's slogan and main issue continues to be economic and related to investment, because a production leap and resolving livelihood problems depend on investment in production."

He stressed the government's role in creating conditions for public investment in production, adding that "where people lack motivation or ability to invest, the government can enter the field as a substitute, not a competitor to the people."

The Supreme Leader called the Israeli attacks on Gaza "a very great crime causing catastrophe" and stressed that "this is an issue for the Islamic Ummah, so the entire Ummah must stand united against these crimes by setting aside their differences."