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Syria's Suffocating Economic Reality

(Gulf News-Dubai) Sami Moubayed - A few days back, it was officially announced that unemployment in Syria had reached 36%. The real number is probably much higher. Until recently, Syrian officialdom insisted that the unemployment rate stood at no more than 11%. All state-run projects have come to a grinding halt and major businesses in the private sector, like hotels, restaurants, and service-related companies, have closed down. Syrians who kept their jobs complain that their income has lost 50% of its value, thanks to the devaluation of the Syrian pound. Fearing for their life savings, ordinary Syrians are frantically trying to convert their money into dollars on the black market, which will undoubtedly further devalue the currency.
2012-03-28 00:00:00
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