Expert warns Syrian economy built on ‘firefighting policies’
DAMASCUS, Syria (North Press) – Syria’s current economic approach is largely reactionary—akin to what economists call a “firefighting policy,” an economic expert said on Monday.
Yasser al-Mishal, a professor at the Faculty of Economics, told North Press that current efforts focus only on addressing immediate, small-scale issues without a comprehensive or long-term strategy in place.
“There is no independent, forward-looking vision for the Syrian economy. Authorities are merely responding to emergencies as they arise,” he said.
Describing existing measures as short-term fixes targeting limited areas, al-Mishal emphasized the absence of a cohesive economic plan for Syria in the post-conflict phase.
He called for a realistic assessment of the economic situation over the past 24 years, including an evaluation of income disparities, inflationary trends, and recessionary pressures.
Al-Mishal pointed out that Syria does have valuable historical economic data, primarily from the Central Bureau of Statistics, which dates back more than two decades and retains a reliability rate of 70–80 percent. He suggested that additional data from the Central Bank and State Planning Authority could be leveraged to formulate meaningful economic policies.
Citing a critical misdiagnosis, he noted, “Authorities assumed inflation in Syria was driven by excessive money supply. But the data shows it is in fact structural inflation, meaning current monetary measures like liquidity tightening are not only ineffective but could be counterproductive.”
He continued, “The real solution starts with a proper diagnosis. Are we facing inflation, or is it a recession? The data clearly indicates a deep recession caused by a fragile economic infrastructure. The core issue lies in weak production, not excess money.”
Al-Mishal criticized the policy of locking liquidity, whether deliberate or not, saying it has exacerbated economic imbalances, driven prices up, and caused volatility in the exchange rate—despite limited nominal fluctuations.
He concluded by underscoring the urgency of developing a national economic strategy. “What we need is an evidence-based strategy grounded in accurate diagnosis, with clear objectives and a defined timeline, and coordinated efforts between the Ministry of Economy, Ministry of Finance, and the Central Bank to achieve long-term recovery and growth.”