The UNDP estimates that Syria’s war has led to an $800 billion economic cost and that recovery to pre-war GDP levels may take over 50 years without significant growth. The ongoing conflict has resulted in significant human losses and a deep economic crisis, severely impacting development goals. Improvements in governance and a reassessment of sanctions are essential for supporting recovery efforts and attracting necessary investments.
The United Nations Development Program (UNDP) has reported that Syria will require at least a decade to return to pre-war economic conditions, and possibly over 50 years if current growth trends persist. Abdallah Al Dardari, UNDP assistant administrator, noted that at an annual growth rate of 1.3%, the country could only achieve its 2010 GDP level in 55 years.
The Syrian conflict has resulted in significant human and material losses, with over 600,000 deaths and 113,000 forced disappearances. The national currency has depreciated markedly, unemployment is widespread, and 90% of the population now lives in poverty, complicating any recovery efforts.
In 2010, Syria’s GDP was approximately $62 billion with a growth rate above 5%. However, current estimates suggest an average GDP of around $29 billion, indicating that the total economic loss from 2011 to 2024 amounts to roughly $800 billion at 2010 prices. This dramatic decline underscores the severity of wartime impacts on the nation’s economy.
Al Dardari stated that the conflict has regressed human development by over 40 years, affecting critical metrics such as life expectancy, education, and per capita income. While several recovery scenarios are proposed in the report, they all necessitate substantial investments and improvements in governance and public administration.
The existing political and economic environment poses challenges for attracting investment, compounded by international sanctions. Al Dardari emphasized the need to reassess these sanctions in light of reform initiatives to facilitate Syria’s recovery. The UN is prepared to support Syria’s interim authorities with the recommendations outlined in the report for economic revitalization.
The UNDP’s report highlights the staggering economic costs of the Syrian conflict, estimating that recovery could take decades under current growth conditions. With substantial losses in GDP and human development, Syria faces an arduous path to rebuilding its economy and governance structures. Addressing international sanctions could also play a crucial role in facilitating investment and recovery efforts moving forward.
Original Source: www.voanews.com
