Syria's Economy Survives War's Devastation

(Wall Street Journal) Sam Dagher - Economists estimate that Syria's gross domestic product has shrunk by nearly 45% over the past two years, while the Syrian pound has lost 70% of its value against the U.S. dollar. At the same time, one Syrian economist believes the government can sustain itself for two more years. Iran and Iraq are now supplying the regime with almost all of its oil and gas needs, while Iran has extended credit lines of up to $4 billion to finance imports and is finalizing a $4 billion loan to the regime. Markets and retail stores in Damascus and other cities under regime control are well-stocked and businesses are functioning, although the prices of most goods have gone up on average by 240% since March 2011.

2013-05-30 00:00:00

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