Economy of Syria

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Syria is a middle-income, developing country with a diversified economy based on agriculture, industry, and energy. Its current GDP per capita expanded 80% in the 1960s reaching a peak of 336% of total growth during the 1970s. But this proved unsustainable and it shrank by 33% during the 1980s. However current GDP per capita registered a very modest total growth of 12% (1,1% per year on average) during the Nineties due to successful diversification.

Foreign Aid to Syria In 1997, foreign aid totaled an estimated US$199 million. The World Bank reported that as of July 2004 it had committed a total of US$661 million for 20 operations in Syria. One investment project remained active at that time.

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Macro-economic trend

This is a chart of trend of gross domestic product of Syria at market prices estimated by the International Monetary Fund with figures in millions of Syrian Pounds. Population Estimates come from the World Bank [1]

Mean wages were $2.61 per manhour in 2009.

During the 1960s, citing its socialist ideology, the government nationalized most major enterprises and adopted economic policies designed to address regional and class disparities. This legacy of state intervention and price, trade, and foreign exchange controls still hampers economic growth, although the government has begun to revisit many of these policies, especially in the financial sector and the country's trade regime. Syria also has low investment levels, and relatively low industrial and agricultural productivity.

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