Syrian GDP to contract by 5.5 percent in 2023 – World Bank
QAMISHLI, Syria (North Press) – According to the World Bank, Syria’s GDP is set to contract by 5.5 percent in 2023. This adds a projected contraction of 3.2 before the February 6 earthquakes with an additional 2.3 percent as a direct consequence of the earthquakes.
The earthquakes killed over 7,000 people in Syria and devastated much of the country’s northwest. The World Bank estimates that total loss as a consequence of the earthquakes is $5.2 billion, including $3.7 billion in physical damages and $1.5 billion in lost revenue and disrupted supply chains.
Syria is also plagued by spiral inflation, with the Syrian pound today worth a record-breaking 7,500 to the dollar. Two years ago the rate was less than half that. Inflation is expected to rise even further, as there are less available goods. In addition, transport costs have risen and the demand for construction materials has spiked.
According to the World Bank, the sector most affected by the earthquake has been housing, which accounts for 24 percent of all damages, followed by transportation, environment, and agriculture.