Economist says sanctions relief offers rare opportunity to revive Syria
DAMASCUS, Syria (North Press) – An economic expert said on Saturday that the recent decision to lift U.S. sanctions on Syria presents a pivotal opportunity for the country to reintegrate into the global financial and economic system, including the SWIFT international payment network, after years of isolation.
The statement follows U.S. President Donald Trump’s announcement on May 13 in Riyadh—during his first Middle East tour since taking office—that sanctions on Syria would be suspended.
In an exclusive statement to North Press, economist Majdi al-Jamous emphasized that Syria currently lacks a coherent national economic plan or a clear economic identity, describing the country’s economy as being in a state of “clinical death.”
“All sectors are operating at minimal capacity, which makes it nearly impossible to build a sustainable national economy based on current conditions,” al-Jamous explained.
He argued that Syria cannot rebuild its economy in isolation: “The past years have shown that relying solely on self-sufficiency has led to the collapse of most sectors.”
Al-Jamous stressed the importance of relying on international aid and investment, noting that the easing of sanctions could encourage investment in key sectors such as energy, transportation, real estate, and technology.
However, he warned that the real challenge lies in how the new Syrian government capitalizes on this moment to develop a national economic strategy and forge a clear economic identity.
Regarding data and economic indicators, al-Jamous said they are critical for future planning but are often overlooked in Syria’s current crisis. “Discussing numbers only becomes meaningful once a solid economic identity is established,” he said.
He also pointed out that Syria is effectively “off the global economic map,” citing the 2024 state budget, which amounted to less than $3 billion. “That’s not a national budget—it’s a budget for a small institution,” he concluded.