I live in Iran, a country that has been under sanctions since 1979. After the US sanctions on Iranian oil, everything got worse and the price of everything increased four times in just three months. These days I hear that the economic collapse will happen. I want to know what it means and what consequences it can have for Iran, its economy and society.
Wikipedia talks about Great Depression as an example but I want an example, close to Iran's situation, if there is such example.
It seems that the inflation continues and with more sanctions the economy will get even worse.
I don't know a lot about economics. Please answer with simple words and give examples if you know similar cases in other countries — what were the consequences?
I should add that the government publishes wrong news about the rate of inflation, the value of rial, etc. Hence, the governmental statistics are totally unreliable.