In brief
As Syria struggles to recover from a protracted civil war, economists emphasize the essential role sanctions relief could play in revitalizing the country's economy, which has been left in ruins.
After nearly 14 years of civil conflict and political tyranny, Syria’s economy is left in shambles. With President Bashar al-Assad’s government weakened and on the brink of collapse, a daunting task lies ahead for the new leadership. Reports indicate that while the fall of Assad's regime occurred swiftly, reconstructing the shattered economy will be a long and arduous road.The civil war and severe repression have devastated Syria’s infrastructure, with oil and gas industries, roads, electricity networks, and agricultural sectors all suffering colossal damage. Alarmingly, a staggering ninety percent of the population now lives in poverty, compounded by the significant depreciation of the Syrian pound. The central bank's foreign currency reserves have dwindled to dangerously low levels, making it increasingly challenging for the nation to procure essential goods such as food, fuel, and spare parts for infrastructure repairs.Before the outbreak of war, oil was a key economic driver, constituting approximately two-thirds of Syria’s exports, while agriculture accounted for about a quarter of the economy. Now, however, the most lucrative export seems to be captagon, an illegal and addictive drug controlled by a coalition of elite figures tied to the ongoing political turmoil.Economist Samir Aita, president of the Circle of Arab Economists, asserts that the entire economic structure is non-functional. As the leader of the rebel coalition, Ahmed al-Shara faces the daunting challenge of unifying various factions, restoring governance, and managing essential services such as water supply in a country ravaged by conflict.There seems to be a consensus that the most crucial step for revitalizing Syria’s economy lies outside its borders—specifically, in the hands of the United States. Many experts believe that lifting the extensive sanctions imposed on Syria could pave the way for foreign investments and bring the country back into the fold of international commerce, providing the economic assistance necessary for recovery.
