Syrian war redraws country's economic map
The Syrian war is not only breaking apart the country’s social cohesion, but also its economic unity.
Syria's long-running civil war has left the country in tatters, disrupting the economy and redrawing the trade map. More than 11 million people are either displaced or seeking refuge elsewhere, shifting the centers of power now and for the future.
Syria's economic figures show catastrophic total economic losses from the start of the conflict in March 2011 until the end of 2014 at $203 billion in constant 2000 prices, equivalent to 383% of the country's 2010 gross domestic product ($60 billion), Nassib Ghobril, head economist at Byblos Bank, told Al-Monitor.
The 2015 gross domestic product was around $30 billion, with economic output declining by about 60% compared with 2010, according to a Chatham House study. “Sectors most affected are tourism and industry, with the latter shrinking by 80%,” Syrian economist Jihad Yazigi told Al-Monitor.
According to Yazigi, exports slumped to 67.7 billion Syrian pounds ($257 million), amounting to 10% of 2014 export levels, which totaled about $2.5 billion, pointing to a decline in the country’s production, due to destruction.
