(MENAFN) With the departure of Bashar al-Assad from Syria, the country is left with a nearly destroyed economic system that has impoverished Syrians for years, and unless international intervention is provided, the crisis will continue. An economist has advised the new Syrian government not to take on the massive debts inherited from the Assad regime. Despite state institutions being severely weakened by corruption and the impact of prolonged war, especially after being exploited by Assad's close allies, the opposition aims to preserve these institutions to ensure their continuity in the new era.

Economist Mustafa Abdel Salam explained that Syria’s economic deterioration was due to Assad's corrupt management, political instability during the civil war, and the exploitation of state assets to benefit external allies like Iran and Russia. These actions led to a collapse in economic indicators. The Syrian pound, for example, lost 140% of its value over 10 years, and Syria’s foreign reserves fell to zero, despite owing over $20 billion before 2010. As a result, 84% of Syrians live below the poverty line, with unemployment rates exceeding 60%. Looking ahead, the priority for Syria after security is restored will be reconstruction. This colossal task will likely require international funding, particularly from the Gulf countries. Assad’s bombings over the past 13 years have left Syria's infrastructure in ruins, and other areas that saw fierce battles between military factions are similarly devastated. Although no official reconstruction costs are available, Assad himself estimated the cost at $400 billion in March 2023—half of Russia’s $800 billion estimate. The total economic loss since the war began in 2011 has been calculated at $1.2 trillion in lost GDP.

In addition to these challenges, the new Syrian government will face significant obstacles in regaining control over vital sectors that Assad handed over to his allies. Assad's strategy of selling state assets to manage debts included transferring control of natural resources, mobile phone licenses, power plants, and oil fields to Iran and Russia. Abdel Salam strongly advises the new authorities not to honor the debts of the former regime or adhere to agreements that financed Assad's war on Syrians. He also stresses the importance of achieving political stability to encourage both domestic and international support for Syria’s recovery. Specifically, this includes the repatriation of significant Syrian funds held abroad, as well as securing broader support from Arab countries, especially the Gulf states, which have been supportive of Syria’s revolution since 2011.

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