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Syria's economy lost billions of dollars throughout crisis (2)

(Xinhua)

08:56, January 31, 2013

The report revealed that the poor in Syria, numbered at around 5 million according to the statistics of 2004 conducted by the United Nations Development Program and the Planning and International Cooperation Body, have increased by about 900,000 citizens because of the crisis.

It pointed to foreign trade that has been affected by the sanctions, indicating that the Syrian exports to Arab countries declined by 52 percent and to the European Union by 93 percent, and that the deficit in the trade balance has increased and the value of local currency has remarkably depreciated, in addition to the increasing difficulties in importing essential goods and basic services by many countries.

About 1.5 million Syrians have lost their jobs because of the events, the report said, adding that the unemployment rate broke the record and reached 34.9 percent by the end of 2012. Most of those who lost their jobs during the crisis are young, especially in conflict areas, the report said.

The report noted that the crisis also reflected on the Human Development Index, which is expected to decline because of the crisis, and has sharply hit the index of income, education and health.

The report confirmed that the crisis will have a significant negative impact on the balance of payments of the accumulative deficit to 16 billion dollars. Often, deficit is financed by net foreign reserves, which will eventually reduce this reserve from about 18 billion dollars to about 2 billion.

【1】 【2】



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