The Syrian civil war has left its economy in ruins. In addition to GDP shrinking by more than 90% between 2010 and 2024, the population remains trapped in deprivation, with 69% of the population under the poverty line.
Since 2011, the Syrian economy has suffered from spiralling inflation, a depreciating currency that could fluctuate by more than 10% on any given day, and resource shortages. Meanwhile, illicit activities mushroomed across the country to make up for crippling Western sanctions, which, in turn, helped fuel the war by funding the opposing sides.
Sanctions against the Syrian government in 2011 led to a decline in oil revenue, leading to fuel shortages for households and worsening the lives of low-income Syrians. Also, with restrictions on international transactions, the government used intermediaries across different countries to continue importing supplies, which increased the prices of basic commodities entering Syria. Regime cronies and middlemen profited from the proliferation of such markets while civilians bore the brunt of the costs.
The destruction of Syria's economy following the outbreak of civil war sparked large swathes of the population to flee the country, which significantly shrunk the country's workforce. As a result of losing so many people in the manufacturing sector, Syrian exports dramatically decreased.
