Home Money & Business Business Syria continues to struggle economically even after Assad’s removal.

Syria continues to struggle economically even after Assad’s removal.

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Syria continues to struggle economically even after Assad’s removal.

In Damascus, Syria, Samir al-Baghdad has taken the initiative to rebuild his family home located in the Qaboun neighborhood, which has suffered extensive damage during the lengthy civil war. Armed with a pickax, al-Baghdadi navigates a precarious staircase made from cinderblocks and rubble to access what remains of his traditional family building. Formerly, this structure was a place of gathering for relatives and friends, featuring a pleasant courtyard adorned with plants and tiled flooring. However, years of conflict have left it in ruins, among many other homes in the area.

Al-Baghdadi, who earns a modest living as a mechanic, has been unable to hire laborers or rent machinery to assist in clearing the debris and restoring his house. His income barely covers the cost of living for his family, which makes the situation even more dire. With rents skyrocketing for available apartments, he feels compelled to work towards rebuilding his home despite the challenges.

“Job opportunities are practically non-existent,” al-Baghdadi expressed while sitting on the remnants of what used to be his home’s entrance. “Therefore, we intend to gradually rebuild it ourselves.”

The recent upheaval saw Syrian President Bashar Assad ousted in a sudden revolt, but the economic issues that sparked widespread protests remain unsolved. The economy has been severely affected by years of war, coupled with systemic corruption and international sanctions. As a result, inflation has surged, pushing around 90% of the population into poverty. The UN World Food Program notes that more than half of Syrians—approximately 12 million individuals—are uncertain about their next meal.

There are no immediate signs that international sanctions will be lifted, nor is there a significant influx of foreign investment expected anytime soon. The potential new leaders of the country face pressures that may complicate governance in a region still grappling with the aftermath of war.

Qaboun, located just a short distance from Damascus’s center, was among the areas that became strongholds for opposition forces back in 2012. After enduring relentless airstrikes and battles, including confrontations with Islamic State militants, government forces eventually regained control in 2017. However, when al-Baghdadi sought to return in 2020, he was met with resistance from security forces, who designated the area a secure zone forbidden to returnees.

Following the change in leadership, al-Baghdadi finally returned, filled with optimism that the situation would improve despite the various hurdles—including frequent power outages and fuel shortages.

Historically, many Syrian families have depended heavily on humanitarian assistance and money sent from relatives abroad to stay afloat. With massive reconstruction needs looming over the country, including the restoration of essential infrastructure and the agricultural sector, funding will also be necessary to revive the economy.

Prior estimates by the United Nations anticipated that rebuilding efforts would require at least $250 billion, but experts speculate that this figure could rise to around $400 billion due to the ongoing destruction.

While some wealthy Gulf nations have expressed intentions to collaborate economically with the interim authorities in Syria, the U.S. has only marginally lessened some restrictions. A recent six-month license from the U.S. Treasury permits certain transactions with the new Syrian leadership but lacks sufficient provisions, particularly in energy sales. Analysts emphasize that these steps are likely too minimal to substantially rejuvenate the economy.

Sinan Hatahet, an economist with the Atlantic Council, remarked that these recent U.S. adjustments represent only the “bare minimum” necessary for goodwill, falling short of what is necessary to stimulate the private sector. Concerns persist about ongoing trade limitations and obstacles to infrastructural rebuilding.

While uncertainty looms over political stabilization, the pressing need for economic revitalization is evident to Syrians. “Without ample job opportunities and access to capital, families will continue to struggle,” noted Hatahet.

Cindy McCain, the executive director of the World Food Program, remarked that Syria’s food crisis poses a serious security threat to its neighbors as well, highlighting the potential repercussions of widespread hunger.

In the bustling old market of Damascus, shoppers experience a vibrant atmosphere decorated with the country’s new flag, yet many merchants report that sales remain disappointingly low. People may browse the stalls filled with colorful spices, but vendors note that rising costs deter purchases.

Walid Naoura, an employee in a clothing shop, acknowledged the sense of relief after the recent liberation from oppression but lamented the lack of job availability. The celebratory air surrounding them has not translated into economic prosperity, as most visitors are merely window-shopping rather than making purchases.

Near the marketplace, Abou Samir, a carpenter, works manually on a chest of drawers since utility interruptions prevent him from using machinery. Even though he receives financial support from his children overseas, he is determined to continue his craft, which he has pursued for half a century.

In Qaboun, al-Baghdadi reflects on his experiences while sipping tea on a makeshift porch overlooking his neighborhood, which now presents expansive vacant lots instead of homes. He was pleased to have managed to connect an electrical cable to light a single bulb, but he faces ongoing challenges, including a partial roof collapse and a lack of running water. Nevertheless, he holds on to hope, wanting to move his family back into their cherished home before summer, even with the understanding that the renovation will be a gradual process due to financial constraints.

“I would prefer that to living in luxury somewhere else,” he concluded, emphasizing the deep emotional ties to his family’s past.