New York, SANA- UN warned Syrian economy needed over five decades to recover to ‘pre-war level’ after fourteen years of war and western sanctions on Syria have brought the country’s GDP down to less than half of what it was before 2011.
The UN issued a report on 20 February highlighting that the Syrian economy will not be able to recover fully before 2080, 55 years from now – due to the 14 years of brutal war, which saw the country under relentless sanctions.
“Fourteen years of conflict in Syria have undone nearly four decades of economic, social, and human capital progress,” according to an assessment by the UN Development Program (UNDP).
At current growth rates, Syria’s economy will not regain its pre-conflict GDP level before 2080. Annual economic growth must rise six-fold to shorten recovery to 10 years, and an ambitious ten-fold rise would be needed over 15 years to bring the economy to where it would have been without conflict,” the report stated.
Nine in 10 Syrians now live in poverty, adding that the country’s GDP is now less than half of what it was pre-2011 – marking a loss of around $800 billion, as well as unemployment has also tripled, meaning one in four Syrians are without jobs. ”the UNDP report estimated
“The impact of these economic shocks has been compounded by international isolation, including sanctions, placing additional strain on an already fragile economy,” the report went on to say.
“Recovery requires a clear national vision, in-depth reforms, and effective coordination among institutions … Expanding market access is crucial for Syria’s economic recovery,” according to UNDP.
Western sanctions, particularly those ordered by Washington, have decimated the Syrian economy over the past 14 years since the US imposed embargo against the deposed Assad regime after 2011. The sanctions hindered international efforts to provide humanitarian aid to Syria, and had devastating effects on the daily lives of Syrian citizens.
Syria has been under international sanctions for four decades, which have significantly increased after the start of the war and the US sanctions have not been fully lifted from Syria after the fall of former president Bashar al-Assad’s government on 8 December last year.
The EU today announced to suspend sanctions on the Syrian banking, transport, and energy sectors.
Source: The UN
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