In brief
After nearly 14 years of conflict, rebuilding Syria's economy hinges on overcoming sanctions that have isolated the nation, experts argue.
The destruction caused by the civil war has left the country's infrastructure in ruins, and with 90% of the population now impoverished, the urgent need for aid and investment is clear.The collapse of President Bashar al-Assad’s government may have come swiftly, but the road to economic recovery in Syria is set to be a complex and prolonged process. With the country having endured nearly 14 years of horrendous civil war, the remnants of the economy are staggering. Essential components of the nation’s infrastructure—oil and gas wells, roads, and farmland—are largely in tatters. As a result, approximately 90% of the Syrian population is now living below the poverty line.The Syrian pound has taken a nosedive, causing significant inflation while the central bank's reserves of foreign currency have dwindled nearly to nothing. Once crucial industries, such as oil and agriculture, are now almost non-functional. According to economist Samir Aita, the economic landscape is severely compromised, stating, “The whole economic system in Syria is not functioning.”The newly appointed leader of the rebel coalition, Ahmed al-Shara, faces a Herculean task ahead. His responsibilities include unifying various factions, rebuilding governance, restoring the rule of law, and managing vital services for a populace in desperate need of water and other essential resources. However, experts agree that significant progress in revitalizing the economy largely relies on the United States lifting its stringent sanctions, which have effectively severed Syria from international trade and investment avenues. As the country ventures into an uncertain economic future, the dialogue surrounding sanctions relief and international support becomes paramount for any meaningful rehabilitation of Syria's economy. The fate of Syria’s recovery rests significantly in the hands of global powers, particularly the West.
