Xinhua
18 Mar 2025, 12:16 GMT+10
Syria's interim government has been lobbying for further sanctions relief, arguing that restrictive measures like the U.S. Caesar Act have hindered the country's economic recovery.
DAMASCUS, March 18 (Xinhua) -- In Damascus' historic Bab Srijeh market, the sales remain low as Syrians grapple with a lingering economic crisis.
"There are crowds, but no real buying and selling," said a local merchant, adding that most shoppers are merely asking about prices rather than making purchases.
Naama, a Damascus resident, echoed the sentiment, saying that incomes have failed to keep up with rising living costs.
"The prices are very high compared to our wages, and money is simply unavailable in the country," she said.
For many, the strain of the economic downturn is palpable. Ahmad Al-Hallaq, another shopper, warned that the situation could become unsustainable in a few months.
"People might endure four or five more months, but beyond that, it will be very difficult," he said. "We accept everything that has happened, but the economic situation is not good, and people are exhausted."
For many Syrians, they are faced with financial hardship. Stagnant wages and high unemployment are forcing families to cut back, prioritizing necessities over the once-customary luxury items associated with the season.
Syria has been mired in an economic crisis for over a decade, driven by war, sanctions and infrastructural decay.
After the collapse of Bashar al-Assad's government, the situation remains dire.
Although some staple prices have fallen -- potatoes, for instance, dropped from 9,000 Syrian pounds (0.69 U.S. dollars) per kilogram to 4,000 -- many still struggle to afford them. Hyperinflation, currency depreciation and fuel shortages have exacerbated the crisis.
Despite some easing of international sanctions, Syria's economy remains crippled. Its GDP has shrunk by 84 percent since 2011, pushing nearly 90 percent of the population below the poverty line, according to UN estimates.
Energy production remains a major hurdle, with Syria generating just 1,500 megawatts of electricity, far short of the 7,000 megawatts needed for basic demand. Meanwhile, oil production, once a vital part of the economy, has dwindled to just 5 percent of the nation's needs due to the loss of key oil fields.
Syria's interim government has been lobbying for further sanctions relief, arguing that restrictive measures like the U.S. Caesar Act have hindered the country's economic recovery.
As Syria stands at an economic crossroads, the coming months will be critical. It is hoped that international engagement, policy changes and increased stability will ease the economic turmoil, but for now, financial hardship remains the harsh reality for ordinary Syrians, who continue to endure the daily struggles of an economy in distress.
Get a daily dose of Greek Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Greek Herald.
More InformationSMPL Mumbai (Maharashtra) [India], March 18: DE-CIX India, the country's largest Interconnection Platform, has announced a new partnership...
Mumbai (Maharashtra) [India], March 18 (ANI): The Indian stock market opened on a strong note on Tuesday, driven by positive global...
Washington, DC [US], March 18 (ANI): After being stranded for over nine months, NASA astronauts Sunita Williams and Butch Wilmore are...
The Estonian hardliner has burned many key bridges across the bloc, an analysis by the major German newspaper claims EU foreign policy...
This photo taken on Feb. 25, 2025 shows the discount promotion signs of a store in Vienna, Austria. (Xinhua/He Canling) The OECD warned...
Calls to seize Russia's frozen central bank assets follow English traditions, the Foreign Ministry has said ...
This photo taken by a mobile phone shows rescue workers and residents searching through the rubble following an explosion in the al-Raml...
Birmingham [UK], March 18 (ANI): Defending champions Indian men's team beat Italy to kickstart their Kabaddi World Cup 2025 campaign...
New Delhi [India], March 18 (ANI): Observer Research Foundation (ORF) Executive Director Dhruva Jaishankar said on Monday that priorities...
The ceasefire between the Jewish state and Hamas expired earlier this month Israel...
The ceasefire between the Jewish state and Hamas expired earlier this month Israel...
Tel Aviv [Israel], March 18 (ANI): At least two people were killed and 19 others injured in Israeli airstrikes on the southern Syrian...