Reviving Syria: Economic Challenges and New Beginnings
President Donald Trump plans to lift U.S. sanctions on Syria, potentially revitalizing its economy. The country's GDP, halved from pre-war levels, now matches smaller nations. War, sanctions, and Lebanon's financial crisis devastated its finances and currency, highlighted by debt concerns and dwindling exports, especially oil and agriculture.
The U.S., under President Donald Trump, is set to remove sanctions on Syria, a significant move that could rejuvenate Syria's faltering economy. These sanctions originally cut Syria off from global financial systems under the regime of former President Bashar al-Assad.
The European Union and Britain have started lifting some of their own sanctions. If the U.S. follows suit, it may lead to widespread international acceptance, potentially resetting Syria's international economic relations. Currently, the World Bank estimates Syria's economy to be worth approximately $21 billion.
Years of conflict have devastated the Syrian economy, with debt escalating and the currency experiencing extreme devaluation. Oil exports plummeted, and agriculture suffered due to conflict and drought, resulting in severe reductions in wheat production. The country now heavily relies on allies like Russia and Iran for energy imports.
(With inputs from agencies.)
- READ MORE ON:
- Syria
- sanctions
- Donald Trump
- economy
- Bashar al-Assad
- World Bank
- trade
- oil exports
- agriculture
- debt
Google News