Damascus is making an effort to stabilise the economic situation in the country hurt by the war, the COVID-19 outbreak and US sanctions. Economist and writer Dr. Ibrahim Alloush has explained what steps should be taken to bring Syria back on the peaceful and prosperous track.
On 21 October, President Bashar al-Assad exempted more low-wage earners from income tax, as Syrians are suffering from the steep rise in prices and the depreciation of the Syrian pound. The Syrian Arab Republic is struggling with an economic crisis caused by the coronavirus pandemic, the nine-year-long war, large-scale emigration, energy and food shortages, and a crumbling industrial base.
To make the situation even worse, the US and allied Kurdish militias have cut the Syrian people off from their oil and gas resources, while Washington slapped new sanctions under the Caesar Act on the Arab Republic this year. In addition to this, unidentified fighters set thousands of acres of crops and olive orchards on fire in the country.
Militias affiliated with foreign actors as well as Daesh* remnants are involved in burning up the Syrian crops of wheat and barley, says Dr. Ibrahim Alloush, economist and lecturer at the University of Damascus, adding that jihadists are openly bragging about this on Facebook.
Energy Shortages Due to Sanctions, Gas & Oil Grab by US
On the other hand, the country is facing severe energy shortages. Oil and gas are especially important, being used in such sectors as…
