Lifting sanctions on Syria !! Where is the Syrian economy?
In a historical step described as dramatic, US President Donald announced Trump During the Saudi -American Investment Forum in Riyadh, the economic sanctions imposed on Syria, which sparked a state of anticipation and optimism in both political and economic circles.
This step represents a decisive turn in Syria’s march towards economic recovery and rebuilding its affected institutions, amid expectations to open new markets to the flow of basic commodities that the Syrian people missed for a long time.
Huge economic losses due to sanctions
The losses suffered by the Syrian economy since the beginning of the crisis in 2011 are estimated at more than 530 billion dollars, and the US sanctions, especially the Caesar Law, were estimated by one of the main factors that led to this collapse.
Oil production decreased by 90%, as production before the sanctions exceeded 380 thousand barrels per day, while today does not exceed 20 to 30 thousand barrels only.
The sanctions also led to the collapse of the Syrian currency on the black market,
Where the exchange rate reached Dollar One more than 15,000 pounds in some periods, accompanied by inflation rates exceeding 130%.
Thousands of factories and workshops were closed due to the difficulty of importing raw materials and technology,
This has stopped more than 70% of small and medium factories, according to the Damascus Industry Chamber.
Social and service impact of penalties
The damage was not limited to the economic side only, but also extended to the health and service infrastructure that witnessed a sharp collapse. With Caesar Law, basic supplies such as fuel, medicines, and building materials were cut off,
This led to an increase in drug prices by more than 300% in some areas, which increased the suffering of citizens in light of the lack of medical services.
Opportunities for reconstruction and development after lifting sanctions on Syria
Political Economy Adviser, Dr. Osama Al -Qadi from Ottawa, believes that the lifting of sanctions represents an exit from the “economic coma” that the Syrian economy lived for more than four decades.
The judge stressed that the return of Syria to the international community and the Arab cuddling, and the lifting of the sanctions he described as “unjust”, will give the country new opportunities for the economic advancement.
The judge pointed out the importance of attracting major international companies such as “Total” and “Shell” to rehabilitate the Syrian energy sector.
The destroyed due to sanctions and war. He pointed out that the presence of American companies began to press to return to the Syrian market,
What heralds a new period of foreign investment.
The political context and the importance of stability after the lifting of sanctions on Syria
For his part, Dr. Shaher Al -Shaher, a professor of international studies from Damascus, pointed out that the lifting of sanctions is the right to restore the Syrian people,
Stressing that the sanctions were not justified and that they targeted the Syrian people, not just the regime.
He considered that the sanctions united the Syrian people, and made him realize that they are targeting his life and ways to live.
He added that the positive dealing with the current American administration may be useful,
Especially since Trump is seeking to restore the position of the United States in the Middle East,
Considering Syria as a major player in the stability of the region, referring to development projects that require a stable environment in Syria.
Technical and financial challenges
The judge stressed that the political will plays the most important role in lifting the sanctions,
It precedes legal procedures and legislation, citing previous experiences during the Trump era.
He also pointed to the necessity of returning Syria to the “Swift” system of global financial transfers,
What will facilitate the entry of investments and financial transfer operations, and helps to stabilize the exchange rate of the Syrian pound.
In light of the return of the Syrian expatriates, the judge stressed the importance of issuing a new group of currency (5,000 pounds) to provide sufficient liquidity, which facilitates the economic movement and reduces inflation.
Future expectations for the Syrian economy
Despite the great opportunities provided by the lifting of sanctions, the challenges are still ongoing. Syria needs extensive political and economic support to rebuild the infrastructure and update the vital sectors.
The economy also needs to motivate the private sector and restart factories and companies that have stopped working due to the years of sanctions and war.
The return of foreign investments and the opening of markets to basic goods will contribute to improving living levels,
And creating new job opportunities of interest to a wide segment of young people who have suffered from unemployment rates over the past years.
Lifting sanctions on Syria !! What next?
Lifting US sanctions on Syria represents an important turning point in the country’s economic and political history, and is a golden opportunity to rebuild and economic advancement.
But success in this path depends mainly on political stability, good resource management, and attracting investments, in addition to the cooperation of the international community and the Arab countries.
In the next stage, the economic and political circles will follow up with the steps of implementation,
While monitoring the impact of the lifting of sanctions on the Syrian citizen’s daily life, and the achievement of the desired economic recovery after years of challenges.
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