More than a decade of devastating conflict has left Syria’s economy in tatters, its infrastructure in ruins and its population deeply fragmented. The fledgling transitional government in Damascus, which came to power following a lightning rebel offensive in December 2024, often speaks of a “new Syria”. But the pressing question remains: how long will recovery take?
The numbers are stark. In 2011, the year war broke out, the World Bank estimated Syria’s GDP at around US$67.5 billion (£50.7 billion). Its most recent estimate, for 2023, puts GDP at US$20 billion – a drop of more than 70%. And these figures don’t tell the whole story. Inflation and currency collapse make it difficult to compare over time.
Some organisations offer rough inflation estimates for Syria, but these are obscured by currency depreciation. The Syrian pound has lost more than 99.5% of its value against the US dollar since 2011, falling from 50 pounds per dollar to around 10,375 pounds per dollar today. This severe depreciation distorts the real domestic price picture.
