Syria (Helimun)
individual, commercial and civil issues.
5. Financial system and economic situation of the
country
Syria is a middle-income, developing country with an economy based on agriculture, oil,
industry, and tourism. However, Syria's economy began to face serious challenges and
impediments to growth even prior to March 2011, including: a large and poorly
performing public sector; declining rates of oil production; widening non-oil deficit;
widescale corruption; weak financial and capital markets; and high rates of
unemployment tied to a high population growth rate. In addition, Syria has been subject
to U.S. economic sanctions since 2004 under the Syria Accountability Act, which
prohibits or restricts the export and re-export of most U.S. products to Syria.
As a result of an inefficient and corrupt centrally planned economy, Syria has both low
rates of investment and low levels of industrial and agricultural productivity. Consumer
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