Syria’s Economy in Ruins

Since the civil war began in 2011, Syria’s economy has been devastated under the Assad regime. The country’s GDP has fallen by 85%, shrinking from $60 billion to just $9 billion by 2023. The World Bank predicts it will drop even more in 2024. Today, about 14.5 million Syrians, or 69% of the population, live in poverty. One in four Syrians faces extreme poverty, especially after the February 2023 earthquake made things worse.

Syria used to be an important trade hub connecting Europe, Asia, and the Middle East. The war disrupted these trade routes, hurting not just Syria but also its neighbors who depended on Syrian exports and transport routes. Exports have dropped by 89%, falling to less than $1 billion, while imports are down 81%, now at $3.2 billion. This sharp decline has damaged Syria’s role in global trade.

Oil and Energy Crisis Before the war, Syria produced 383,000 barrels of oil each day. By 2023, that number fell to just 90,000 barrels. Syria, once an oil exporter, now imports almost half of its oil, mainly from Iran. This change has impacted the region’s energy markets. Adding to the crisis, some oil fields are controlled by groups like the PKK/YPG, causing even more losses for the government.

Farming in Trouble Agriculture, once a strength of Syria’s economy, has also collapsed. Farmers have lost access to seeds, fertilizers, and fuel. Cultivated farmland has shrunk by 25%. This means fewer crops are grown, hurting food supplies not just in Syria but across the Middle East. Trade in goods like wheat and cotton has fallen, affecting the entire region.

The Plunge of the Syrian Pound The Syrian pound has lost value 270 times since 2011. This has caused prices to skyrocket, making basic goods too expensive for many Syrians. Government revenues have fallen 85% since 2010, forcing deep budget cuts. Subsidies for fuel, gas, and medicine were slashed, causing even more hardship for ordinary people.

Illegal Trade and Captagon While the legal economy is collapsing, Syria has become a center for illegal drug trade, especially the production of Captagon, a powerful stimulant. Between 2020 and 2023, Captagon brought in $5.6 billion — almost double the revenue from Syria’s legal exports. This illegal trade spreads across the Gulf, Europe, and North Africa, damaging legitimate global trade routes and security.

What’s Next for Syria? The Assad family is believed to have hidden billions in overseas accounts while millions suffer in poverty. For Syria to recover, it needs support from neighboring countries like Türkiye. Rebuilding trade routes, fixing infrastructure, and restoring farming and oil production are key steps. If Syria can rejoin the global trade network, it may have a chance to heal — but that will require peace, stability, and cooperation with the world.