Economy in Syria Collapsing

A recent study shows that the total losses attributed to the war through the end of the first quarter of 2013 amounted to over $85 billion in Syria, which is nearly the same as the previous year.

During the same time, the prices of currencies, including the dollar have skyrocketed by nearly 300% in comparison to prices from three years ago.

The study, which was performed by SCPR – Syrian Center for Policy Research, said the losses that have hit the economy in Syria due to the war were devastating.

The study has shown that part of the losses, included $8 billion in GDP, $13 billion in capital and nearly $7 billion in expenditures by the military.

The same group pointed out that in a study done previously, military expenditures increased by over 9% between 2011 and 2012.

The study showed that the internal and external general debt to GDP ratio had increased to 65% from 48% in 2012. External debt amounted to close to 49% of the entire GDP over the first four months of 2013.

The report estimates that 12% of the Syrian population lives below the poverty line, while nearly 33% or about one third of the population lived below the so-called upper poverty line.

Also revealed in the report was that the problem with poverty was concentrated more in areas that were rural.

In addition, the number of people who are poor had increased by over 3.1 million, of which close to 1.5 million are thought to have fallen below the poverty line.

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