Economic Loss in Syria Amounts to $800 Billion

The civil war has caused a massive economic devastation in Syria. According to the United Nations, Syria has experienced a loss of $800 billion during this period. In order for the country to return to its former state within 10 years, the growth rate needs to increase by tenfold. The 14-year civil war has struck the economy, leading Syria to suffer losses of billions of dollars. The United Nations Development Program has released an impact assessment report on Syria. According to the report, one-third of the country’s housing and health centers have been damaged. The economic size has halved since 2011. The country’s gross domestic product has declined by $800 billion. The Syrian Pound has devalued by 270 times against the dollar in 13 years. Inflation has escalated to 141%. Prior to the civil war, the poverty rate in Syria was at 33%, increasing threefold during the war to reach 90%. Currently, nine out of ten Syrians are living in poverty, and one in four Syrians is unemployed. Today, 5.7 million people in Syria are in need of shelter assistance. 14 million people are facing water and hygiene shortages. While the current economic growth rate in the country is determined at 1.3% annually, at this pace, reaching the pre-war economic level may take up to 55 years. To return Syria to its former state within 10 years, the annual growth rate needs to be increased by tenfold.