Syria: An economy in tatters, but with heartbeat
The Syrian economy is in tatters due to the foreign-backed war in the Arab country. At one point, Syria had one of the most vibrant economies of the Mediterranean.
It is hard to quantify some of the economic indicators based on the war. For the most part, Syria’s economy is based on agriculture, oil, industry and services. Its gross domestic product (GDP) per capita expanded 80% in the 1960s, reaching a peak of 336% of total growth during the 1970s.
In its 2015 report, the UK-based non-governmental organization, Chatham House, stated that Syria’s economy contracted by more than 50 per cent in real terms since 2011. The biggest losses were in output coming in the energy and manufacturing sectors.
Agriculture has assumed a bigger role in national output in relative terms, but food production has fallen sharply as a result of the conflict.
As common with many conflict zones, the emergence of the black market helped maintain the flow of goods into the country. Russia and Iran have also helped the economy by extending lines of credit.
The biggest challenge for Syria now will be rebuilding the country after the war ends.
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