Syria is a low to middle income country with a GDP per capita of around USD 1,440. The population stands at over 19 million, with almost 70% under 30 years of age. The Syrian economy is a reforming economy marked by increasing growth, low level of external debt and healthy foreign exchange reserves. Economic growth has picked up over the past two years on account of accelerated reform and new private investments. Since 2001 numerous laws have been passed to liberalize and reform the country's trade, fiscal and financial systems, private banks and insurance and money brokerage companies are now operating in Syria and a stock market is expected in mid -2009. Income tax rates have been cut drastically and a new investment law was passed in early 2007. In mid-2005 the government officially adopted a 'market social economy' concept to guide its reform and development. A five-year indicative plan encompassing both public and private sectors was launched in January 2006.  The plan envisages an investment spending of SYP 1,800 billion, 47% of which is to come from the private sector. The plan aims to give the private sector a larger role in economic development, attract foreign direct investment, and find alternative revenue sources to oil. Declining oil reserves have been impacting negatively on export proceeds as well as on fiscal revenues. Tourism is being encouraged as a substitute for oil and a source of foreign exchange. Subsidies are being rationalized to reduce the pressure on the government budget. Investors have responded strongly to the new and evolving investment climate. However the main interest has been in real estate and tourism, but opportunities exist in practically all sectors of the Syrian economy.

Economic Knowledge downloads Module 1 Syria at a glance Module 2 Economic overview Module 3 Financial sector reform Key Economic Indicators (2007)  Real GDP US$ 27.6 b Real GDP per capita US$ 1440 Real GDP growth 6.6% Inflation 15% External Debt US$ 3.6 b Ex. Debt as % of GDP 8% Net Foreign Assets US$ 20 b Total Exports f.o.b US$ 14 b Total Imports f.o.b US$ 15 b Trade deficit (as % of GDP) 2.25%     Budget Revenues US$ 9.5 b Budget Expenditures US$ 12.8 b Budget deficit   (as % of GDP) 7.4%                                   ,2008   Sectoral contribulation of GDP (2007)  Mining & Manufacturing 24%       - Mining 13%      -  Manufacturing 8.5%      - Utilities 2.5% Agriculture 23% Wholesale & Retail 18% Government, Social & Personal services 14% Transport & Comm's  12% Finance & Insurance 6% Building & Construction 3% IMF Article IV consultation with Syria International   IM IMF Article IV consultation with Syria The International Monetary Fund (IMF) reported a positive future for Syria's economy in its latest Article IV consultation paper (August 2007): The near-term outlook for growth is favorable. The reforms implemented continue to stimulate aggregate demand and new investments. Link to the IMF website for more