Will Syria adopt a free-market model?

Syria's new government has told business leaders it will adopt a free-market model and integrate the country into the global economy in a major shift from decades of corrupt state control, the head of the biggest Syrian business lobby said on Tuesday.

What is the economic situation in Syria?

All values, unless otherwise stated, are in US dollars. Syria's economic situation has been turbulent and their economy has deteriorated considerably since the beginning of the Syrian civil war, which erupted in March 2011. Since Syria became independent in 1946, the economy has undergone widespread structural change.

Why is the Syrian economy not growing?

Government officials acknowledge that the economy is not growing at a pace sufficient to create enough new jobs annually to match population growth. The UN Development Programme (UNDP) announced in 2005 that 30% of the Syrian population lives in poverty and 11.4% live below the subsistence level.

Does Syria have a 'global economy'?

Syrian cities boast both traditional industries such as weaving and dried-fruit packing and modern heavy industry. Given the policies adopted from the 1960s through the late 1980s, Syria refused to join the "global economy". In late 2001, however, Syria submitted a request to the World Trade Organization (WTO) to begin the accession process.

What was the economy like in the 1990s in Syria?

In 1990, the Assad government instituted a series of economic reforms, although the economy remained highly regulated. The Syrian economy experienced strong growth throughout the 1990s, and into the 2000s. Syria's per capita GDP was US$4,058 in 2010.

What happened to Syria's exports in 2012?

As of 2012, because of the ongoing Syrian civil war, the value of Syria's overall exports has been slashed by two-thirds, from the figure of US$12 billion in 2010 to only US$4 billion in 2012. Syria's GDP declined by over 3% in 2011.