Syria’s economy, rocked by four years of civil war, is shrinking fast as industrial and agricultural output falls, leaving almost two thirds of the population in extreme poverty, according to a U.N. sponsored report released on 28 May. The study, conducted by the Damascus based-Syrian Centre for Policy Research and commissioned by the United Nations, International Monetary Fund (IMF) estimates of a 40 per cent contraction in GDP since the start of the conflict in 2011. Almost half of Syria’s five million labour force is unemployed. Losses were estimated at $143.8 billion, a figure the report said was based on estimated damage to residential and state buildings. Experts said it was too early to ascertain more accurately as the heaviest hit areas are still combat zones.
SYRIA’S ECONOMY HEADS INTO RUIN: UN REPORT
Syria’s economy, rocked by four years of civil war, is shrinking fast as industrial and agricultural output falls, leaving almost two thirds of the population in extreme poverty, according to a U.N. sponsored report released on 28 May.
