For Syria’s Economy, the Way Forward Starts With Sanctions Relief

Although the collapse of President Bashar al-Assad’s government in Syria was shockingly quick, rebuilding the devastated economy he left behind will be painfully slow.

After nearly 14 years of brutal civil war and political repression, most of Syria’s oil and gas wells, roads, electricity grids, farmland and infrastructure are in ruins. Ninety percent of the population is living in poverty. The value of the Syrian pound has plummeted, and the central bank’s reserves of foreign currency — needed to buy essentials like food, fuel and spare parts — are nearly depleted.

Before the war, oil accounted for two-thirds of Syria’s exports and agriculture made up roughly a quarter of economic activity. More recently, Syria’s most profitable export was captagon, an illegal, addictive amphetamine controlled by a cartel of politically connected elites.

“The whole economic system in Syria is not functioning,” said Samir Aita, a Syrian economist and the president of the Circle of Arab Economists.

Ahmed al-Shara, the leader of the rebel coalition that has taken power in Syria, has a daunting task ahead to unify the rebel factions, reconstitute the government, re-establish the rule of law, provide security and manage essential services like the distribution of water and other scarce resources.

Even so, there is widespread agreement that the single most important step in rebuilding Syria’s economy can be taken only by the United States: Lift the punishing layers of sanctions that have effectively cut off Syria from international commerce and investment.