SyriaS economy is experiencing accelerating growth as sanctions gradually ease and refugees begin to return, according to the country’s central bank chief, Mohammad Issam Hazzaa. The Syrian pound has stabilized, and initial indicators suggest a positive economic trajectory after years of conflict, Hazzaa stated in an interview.
The shift marks a potential turning point for Syria, which has been ravaged by civil war and economic hardship since 2011. While significant challenges remain – including widespread infrastructure damage and the ongoing impact of sanctions – the easing of restrictions and the return of displaced populations offer a glimmer of hope for recovery. This progress impacts not only Syrians but also regional stability and international efforts to address the humanitarian crisis stemming from the conflict.
Hazzaa reported that Syria’s economic growth rate is currently exceeding expectations, though he did not provide a specific percentage. He attributed the improvement to increased domestic production,a rebound in agricultural output,and a gradual resumption of trade wiht neighboring countries. the central bank is focused on maintaining price stability and supporting productive sectors, he added.
The return of Syrian refugees, primarily from Lebanon and Jordan, is contributing to the economic recovery, hazzaa said.He noted that the government is working to provide housing, employment, and essential services to returning citizens. Though, the scale of the refugee crisis remains immense, with millions still displaced both within Syria and in neighboring countries.
Sanctions imposed by the United States and the European Union have been a major impediment to Syria’s economic development. While some sanctions remain in place, there have been recent signs of easing, particularly in relation to humanitarian aid and reconstruction efforts. Hazzaa expressed optimism that further easing of sanctions would accelerate the country’s economic recovery.
