Published : 16-06-2022
The Syria Economic Monitor (SEM), a new semi-annual economic publication of the World Bank, said the Syrian conflict has left generations of people living in the war-torn country lost.
SEM said that now moving into its twelfth year, the conflict in Syria has inflicted a devastating impact on the inhabitants and the economy. The conflict accelerated infrastructure depreciation by damaging strategic assets (the destruction channel) and deepened demographic aging by displacing many people (the displacement channel).
In addition, the conflict eroded social cohesion, degraded governance, and led the pision of the previously integrated areas in Syria (the disorganization channel). Together, these channels have halved the size of economic activity between 2010 and 2019.
Conflict, displacement, and the collapse of economic activities have all contributed to the decline in household welfare. Extreme poverty has consistently risen since the onset of the conflict, reflecting deteriorating livelihood opportunities and the progressive depletion of household coping capacity. Syria’s high inflation has affected the poor and vulnerable disproportionately.
Beyond the immediate impact of the conflict, the economy suffers from the compounding effects of the pandemic, adverse weather events, regional fragility, and macroeconomic instability.
Economic conditions in Syria are projected to continue to be mired by prolonged armed conflict, turmoil in Lebanon and Turkey, COVID-19, and the war in Ukraine.
Subject to extraordinarily high uncertainty, SEM projected that Syria’s real GDP will contract by 2.6 percent in 2022 (to US$ 15.5 billion in constant 2015 prices) after declining by 2.1 percent in 2021. Risks to the growth outlook are significant and tilted to the downside.
The Syrian population also exhibits a male deficit in prime-age adult population and an increase in female labor force participation as a result of the deterioration in economic conditions, notwithstanding the challenges women continue to face in access to equal economic opportunities.
Palestinian refugees in war-torn Syria continue to struggle with growing poverty and economic hardship. The protracted conflict has devastated human security and left 91 per cent of the 438,000 Palestine refugees estimated to remain in the country in absolute poverty and 40 per cent displaced.
The Syria Economic Monitor (SEM), a new semi-annual economic publication of the World Bank, said the Syrian conflict has left generations of people living in the war-torn country lost.
SEM said that now moving into its twelfth year, the conflict in Syria has inflicted a devastating impact on the inhabitants and the economy. The conflict accelerated infrastructure depreciation by damaging strategic assets (the destruction channel) and deepened demographic aging by displacing many people (the displacement channel).
In addition, the conflict eroded social cohesion, degraded governance, and led the pision of the previously integrated areas in Syria (the disorganization channel). Together, these channels have halved the size of economic activity between 2010 and 2019.
Conflict, displacement, and the collapse of economic activities have all contributed to the decline in household welfare. Extreme poverty has consistently risen since the onset of the conflict, reflecting deteriorating livelihood opportunities and the progressive depletion of household coping capacity. Syria’s high inflation has affected the poor and vulnerable disproportionately.
Beyond the immediate impact of the conflict, the economy suffers from the compounding effects of the pandemic, adverse weather events, regional fragility, and macroeconomic instability.
Economic conditions in Syria are projected to continue to be mired by prolonged armed conflict, turmoil in Lebanon and Turkey, COVID-19, and the war in Ukraine.
Subject to extraordinarily high uncertainty, SEM projected that Syria’s real GDP will contract by 2.6 percent in 2022 (to US$ 15.5 billion in constant 2015 prices) after declining by 2.1 percent in 2021. Risks to the growth outlook are significant and tilted to the downside.
The Syrian population also exhibits a male deficit in prime-age adult population and an increase in female labor force participation as a result of the deterioration in economic conditions, notwithstanding the challenges women continue to face in access to equal economic opportunities.
Palestinian refugees in war-torn Syria continue to struggle with growing poverty and economic hardship. The protracted conflict has devastated human security and left 91 per cent of the 438,000 Palestine refugees estimated to remain in the country in absolute poverty and 40 per cent displaced.
