Syria's economy continues to struggle with ongoing sanctions

(MENAFN) Syria's economy continues to be deeply impacted by ongoing sanctions, with the removal of restrictions imposed by the US and the European Union seen as essential for the country’s recovery. This comes in the wake of the fall of the 61-year-old Baathist regime and the formation of an interim government. The sanctions were initially put in place due to years of civil conflict, human rights abuses, war crimes, and support for terrorist organizations under the regime of Bashar Assad, but they have unintentionally caused widespread suffering among the Syrian population.

Despite some exemptions for food, medicine, and humanitarian aid, access to basic needs remains severely limited. The Syrian people continue to face rampant inflation, a devalued currency, and skyrocketing unemployment rates. These challenges are compounded by a dire need for infrastructure rebuilding and economic recovery, which are essential for Syria’s long-term stability and development.

The removal of sanctions is considered a crucial step in jumpstarting Syria's recovery process. It is believed that lifting these restrictions would not only help improve the living conditions of the population but also facilitate the flow of international aid, making it easier for humanitarian assistance to reach those most in need.

Sanctions on Syria have been in place since 1979 when the US designated the country as a state sponsor of terrorism, leading to export bans, sales restrictions, and financial limitations. These measures were further tightened in 2004 with the introduction of Executive Order 13338 under the Syria Accountability and Lebanese Sovereignty Restoration Act, intensifying controls on the Syrian economy.

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