Syrian Ministry of Economy revealed that the Syrian economy witnessed unprecedented fundamental imbalances, as it recorded notable decline in many economic indicators due to the current crisis witnessed in the country. It added that the Syrian economy needs increasing efforts on the material and humanitarian levels to be improved during the coming period.
According to the Syrian ministry, the current crisis led to a decline in purchasing power of the citizen and increase in the rate of unemployment in addition to a decline in the exports, saying that they turned to increase their imports to meet the local demands and to provide the commodities that witnessed increasing shortage.
Regarding to the oil sector, sources said that the country witnessed drop in the oil production during the recent years due to the obstacles imposed on exports, finance and insurance. This decline in the vital sector strongly affected one of the major sources of the hard currency leading the government to import the oil to cover the shortage in the local market. The banking sector also has been affected by the international sanctions imposed on the Syrian regime during the recent years.
The sources also underlined the negative repercussion of the Syrian crisis on the financial sector, as the spending requirements strongly increased due to the destruction of production sector, while the revenues fell. They underlined the departure of investors, saying that it led to more pressures on the state budget. The industrial sector also has been undermined due to the destruction of a large number of industrial factories and institutions due to the conflict witnessed in the country for over six years.
The tourist sector also has been strongly affected by the Syrian crisis, as tourism is one of the major sectors depending on stability. The tourist sector was one of the major sources of income before the current crisis. The vital sector has been strongly affected by the international sanctions against the Syrian regime during the recent years.