Iran will vote to elect its next President today. With global attention fixed on elections in France, Britain, Germany or even South Korea, it is the one in Iran that will have possibly the greatest implication for the Middle East, the global oil and natural gas market and India. It is a straight battle between President Hassan Rouhani, who is seeking a second term, and hardline candidate Ebrahim Raisi.
At stake here for Iran is a choice between two divergent visions of the road ahead. If the country goes with Rouhani, it will strengthen the moderate faction, which has stepped on a path of economic modernisation. It was under his stewardship that Iran entered into a historic nuclear deal with the United States, which lifted years of crippling economic sanctions. This moment was supposed to set off an economic boom in a country with vast resources of oil and natural gas. With sanctions lifted only in phases, the intended economic benefits of this epochal moment have not materialised. If Raisi wins, it would confirm to analysts that voters feel the same. As a major player in the Middle East pitted against Saudi Arabia, there is a lot at stake on May 19.