Syria's Economic Struggles: A Nation's Journey Through Conflict and Sanctions

Syria's economy has drastically declined due to over a decade of civil war and sanctions. It is now classified as a low-income country with most citizens living in poverty. Challenges include economic contraction, currency devaluation, reduced exports, energy dependency, and disrupted agriculture, leading to reliance on illicit trades.

Syria's economy has been ravaged by more than a decade of civil war and economic sanctions, leading to an unprecedented decline that has left the nation isolated from global financial systems.

According to the World Bank, Syria's economy contracted sharply by 84% between 2010 and 2023. The ongoing conflict, coupled with currency devaluation, has resulted in widespread poverty, affecting over 90% of the population, making it one of the poorest countries in the region.

Severed oil revenues and sanctions have strained government finances, forcing reliance on allies like Russia and Iran for energy imports, while agricultural challenges further exacerbate the crisis. Meanwhile, production of illicit goods like captagon has become a significant economic lifeline amid these dire conditions.

(With inputs from agencies.)