Editing Economy of Syria (section)

=== 2011–present: Syria's civil war ===
Since the outbreak of the Syrian Civil War, the Syrian economy has been affected by [[Sanctions against Syria|economic sanctions]] restricting trade with the [[Arab League]],<ref>{{cite web|url= https://www.bbc.co.uk/news/world-middle-east-15901360 |title=Syria unrest: Arab League adopts sanctions in Cairo |publisher= BBC |date=27 November 2011|access-date=24 August 2012}}</ref> [[Australia]],<ref>{{cite news|url=http://www.abc.net.au/news/2012-06-25/australia-ramps-up-sanctions-on-syria/4089630 |title=Australia Ramps Up Sanctions on Syria |newspaper=ABC News |publisher= ABC |date=25 June 2012|access-date=24 August 2012}}</ref> [[Canada]],<ref>{{cite news|url=https://www.cbc.ca/news/canada/canada-imposing-further-sanctions-on-syria-1.1085745 |title=Canada imposing further sanctions on Syria |publisher= CBS |date=23 December 2011|access-date=24 August 2012}}</ref> the [[European Union]],<ref>{{cite news|url=https://www.telegraph.co.uk/news/worldnews/middleeast/syria/9413504/EU-preparing-new-Syrian-sanctions.html |title=EU Preparing New Syrian Sanctions |newspaper= The Daily Telegraph |date=19 July 2012|access-date=24 August 2012}}</ref> (as well as the European countries of [[Albania]],<ref name="Georgia Times"/> [[Iceland]],<ref name="Georgia Times"/> [[Liechtenstein]],<ref name="Georgia Times"/> [[Moldova]],<ref name="Georgia Times"/> [[Montenegro]],<ref name="Georgia Times"/> [[North Macedonia]],<ref name="Georgia Times"/> [[Norway]],<ref>{{cite web |url=http://www.tnp.no/norway/politics/3098-norway-aligns-itself-with-tougher-eu-sanctions-against-syria |title=Norway Aligns Itself with Tougher EU Sanctions against Syria |publisher=The Nordic Page |date=26 July 2011 |access-date=24 August 2012 |archive-date=30 August 2012 |archive-url=https://web.archive.org/web/20120830023743/http://www.tnp.no/norway/politics/3098-norway-aligns-itself-with-tougher-eu-sanctions-against-syria |url-status=dead }}</ref> [[Serbia]],<ref name="Georgia Times"/> and [[Switzerland]]),<ref>{{cite news |url= https://www.reuters.com/article/us-syria-crisis-switzerland-idUSBRE87D0S120120814 |title= Swiss broaden sanctions against Syria |work= Reuters |date= 14 August 2012 |access-date= 24 August 2012 |archive-date= 24 September 2015 |archive-url= https://web.archive.org/web/20150924170132/http://www.reuters.com/article/2012/08/14/us-syria-crisis-switzerland-idUSBRE87D0S120120814 |url-status= live }}</ref> [[Georgia (country)|Georgia]],<ref name="Georgia Times">{{cite web|url=http://www.georgiatimes.info/en/news/78944.html|title=Georgia joins EU sanctions against Syria|work=Georgia Times|date=8 August 2012|access-date=24 August 2012|archive-url=https://web.archive.org/web/20130513183919/http://www.georgiatimes.info/en/news/78944.html|archive-date=13 May 2013|url-status=dead}}</ref> [[Japan]],<ref>{{cite web|url=http://www.rttnews.com/1918142/japan-imposes-new-sanctions-on-syria.aspx |title=Japan Imposes New Sanctions on Syria |publisher= RTT |date=6 July 2012|access-date=25 August 2012}}</ref> [[South Korea]],<ref>{{cite web|url=http://www.ibtimes.com/south-korea-sanctions-taiwanese-syrian-firms-weapons-trade-north-1984966|title=South Korea Sanctions Taiwanese, Syrian Firms For Weapons Trade with the North|website=[[International Business Times]]|date=26 June 2015|access-date=30 August 2018}}</ref> [[Taiwan]],<ref>{{cite web|url=http://focustaiwan.tw/news/aipl/201804140020.aspx|title=Taiwan supports sanctions against Syria for chemical attacks: MOFA – Politics – FOCUS TAIWAN – CNA ENGLISH NEWS|date=14 April 2018 |access-date=30 August 2018}}</ref> [[Turkey]],<ref>{{cite news|url=https://www.nytimes.com/2011/12/01/world/middleeast/turkey-intensifies-sanctions-against-syrian-regime.html |title=Turkey Moves to Intensify Sanctions Against Syria |newspaper= New York Times |date=30 November 2011|access-date=24 August 2012}}</ref> and the United States.<ref>{{cite web|url=https://obamawhitehouse.archives.gov/the-press-office/2011/04/29/executive-order-13572-blocking-property-certain-persons-respect-human-ri |title= United States trade and financial sanctions against syria |access-date=24 August 2012|via=[[NARA|National Archives]] |work=[[whitehouse.gov]] |date= 29 April 2011 }}</ref> Sanctions against Syria were further extended by the US [[Caesar Syria Civilian Protection Act]] that came into force in June 2020.

The destruction and dislocation associated with the civil war have devastated Syria's economy. By the end of 2013, the UN estimated total economic damage from the Syrian Civil War at $143&nbsp;billion.<ref>[http://www.publicfinanceinternational.org/news/2014/06/un-highlights-economic-damage-of-syrian-conflict/ UN highlights economic damage of Syrian conflict] {{Webarchive|url=https://web.archive.org/web/20150513053427/http://www.publicfinanceinternational.org/news/2014/06/un-highlights-economic-damage-of-syrian-conflict/ |date=13 May 2015 }} Public Finance International</ref> In 2018, the World Bank estimated that about one-third of Syria's housing stock and one half of its health and education facilities have been destroyed by the conflict. According to the World Bank, a cumulative total of $226 billion in GDP was lost due to the conflict from 2011 to 2016.<ref>{{cite web |title=Syria: Overview |url=https://www.worldbank.org/en/country/syria/overview |publisher=World Bank |access-date=25 October 2018}}</ref>

The Syrian economy suffered from conflict-related [[hyperinflation]]. The Syrian annual inflation rate is one of the highest in the world.<ref name=":0">{{Cite web|url=https://www.cia.gov/the-world-factbook/countries/syria/|title=The World Factbook – Central Intelligence Agency|website=cia.gov|language=en|access-date=2018-04-15}}</ref><ref>{{Cite web|url=https://www.cato.org/publications/commentary/syrias-other-problem-inflation|title=Syria's Other Problem: Inflation|last=Asia|first=Steve H. Hanke This article appeared in the October 2013 issue of Globe|date=2013-09-26|website=Cato Institute|language=en|access-date=2018-04-15}}</ref> The national currency, the [[Syrian pound]], tumbled in mid-2020 against the US dollar, therefore stating that Syrian economy was only taking a turn for the worst. The pound, which traded at LS&nbsp;47 to the dollar before the 2011 uprising, plunged to over LS&nbsp;3,000 to the dollar. Prices of basic goods have skyrocketed and some staples have disappeared from the market as merchants and the public struggled to keep up with the rising cost of living.<ref>{{cite web| url = https://www.theage.com.au/world/middle-east/bashar-al-assad-fires-his-pm-amid-worsening-economic-crisis-20200612-p55214.html| title = Bashar al- Assad fires his PM amid worsening economic crisis| date = 12 June 2020}}</ref>

In 2022, Syria joined the Chinese [[Belt and Road Initiative]], which could help the country rebuild its war-torn infrastructure and economy.<ref>{{cite web|author=Siddiqi, Ali |date=2022   |title="China's 'Belt and Road' Risk in Syria May Reap Big Rewards"|url=https://www.voanews.com/a/china-s-belt-and-road-risk-in-syria-may-reap-big-rewards-/6415768.html | publisher= VOA News |access-date= 9 September 2022}}</ref><ref>{{cite web |author=O'Connor, Tom |date=2022 |title="Syria Officially Joins China's Belt and Road, Seeking Lifeline to Defy U.S. Sanctions" |url=https://www.newsweek.com/syria-officially-joins-chinas-belt-road-seeking-lifeline-defy-us-sanctions-1668849/ |publisher=Newsweek |access-date=9 September 2022 |archive-date=21 September 2022 |archive-url=https://web.archive.org/web/20220921235604/https://www.newsweek.com/syria-officially-joins-chinas-belt-road-seeking-lifeline-defy-us-sanctions-1668849 |url-status=dead }}</ref> Following the end of Bashar Al-asad regime and the civil war, the interim government appointed for the first time in history a woman as governor of the central bank. [[Maysaa Sabreen]] was announced as the new governor on December 30, 2024.<ref>{{Cite web |title=Maysaa Sabrine Takes the Helm at Syrian Central Bank {{!}} Headlines |url=https://www.devdiscourse.com/article/headlines/3210472-maysaa-sabrine-takes-the-helm-at-syrian-central-bank |access-date=2024-12-30 |website=Devdiscourse |language=en}}</ref><ref>{{Cite web |title=Syrias new rulers appoint Maysaa Sabrine as central bank governor |url=https://www.lbcgroup.tv/news/middleeastnews/827410/syrias-new-rulers-appoint-maysaa-sabrine-as-central-bank-governor/en |access-date=2024-12-30 |website=LBCIV7 |language=en}}</ref> 20 days before on the 10 December [[Basel Abdul Hannan]] became Minister of the Economy, In his new role, he announced plans to implement [[Economic liberalization|market liberalization]] reforms, including dismantling the existing import-export control system and moving toward a [[Free market|free-market]] economic model. During a meeting with the Damascus Chambers of Commerce, he outlined plans to remove restrictions on imports and allow registered businesses to trade more freely.<ref name="reuters-econ" />