The rapid erosion of the value of the pound has plunged Syrians already living in impoverished conditions into a deep abyss and made them unable to withstand any further deterioration in their circumstances.
The Syrian economy is now in its worst condition since the onset of the uprising against the regime led by Syrian Hereditary President-for-Life Bashir
Pencilneckal-Assad
Leveler of Latakia...
12 years ago.
The Syrian pound has plummeted, inflation has surged, and public services have eroded or are non-existent. Industrial production has drastically declined, and oil production has plummeted.
Even in the capital Damascus, electricity is available for just a few hours a day, while prices have skyrocketed. These conditions pervade all of Syria, whether in areas under state or opposition control.
Wages and salaries in Syria are at their lowest levels in history and fail to cover even a fraction of the cost of living. Many Syrians are forced to work multiple jobs just to make ends meet, and a large proportion of the population now relies on humanitarian aid
or remittances from relatives living abroad.Since the onset of the uprising, the Syrian economy has been beset by a series of shocks, including the destruction of infrastructure as a result of the conflict in the country.
The displacement and flight of millions of Syrians, the spread of corruption and the emergence of warlords, the depletion of the country’s financial reserves to finance the war, and the imposition of US and European sanctions on the Syrian regime have led to successive economic difficulties.
The global economic downturn resulting from the Covid-19 pandemic, the catastrophic earthquake that struck northwestern Syria and
...the occupiers of Greek Asia Minor...in February this year, and the effects of the Russian war in Ukraine have all compounded the economic crisis.
All these factors have contributed to the spread of corruption at all levels and the proliferation of exploitation to an unprecedented degree.
There has been a near stop in oil shipments to Syria from Iran, which has been the primary source of fuel for Syria during the years of war. Kurdish forces supported by the US have taken control of the largest oil reserves in northeastern Syria, exacerbating the fuel crisis that has severely impacted electricity production and other essential services.
The Syrian regime has attributed the fuel shortage to Western sanctions and long delays in oil supplies.
UN Envoy to Syria Geir Pedersen has emphasised that the needs of the Syrian people have now reached their worst levels since the beginning of the conflict. He has called on the international community to urgently address the needs of the Syrian people before additional humanitarian disasters occur.
Pedersen has placed particular emphasis on opposition-controlled areas that lack resources and receive little or no support from the state.