World Bank Syria's economy to grow 1% in 2025

Post by : Monika

Photo: Reuters

The World Bank has shared new information about Syria’s economy. It says the country’s economy will grow by about 1% in the year 2025. This is a hopeful sign because Syria’s economy shrank in 2024.

Background: What Happened Before?
Syria has been through many hard times over the past years. The country experienced a long and damaging war that hurt its people and economy badly. Many businesses closed, many people lost their jobs, and many families faced tough conditions. Because of this, the economy became smaller.

In 2024, the economy got even smaller. It shrank by about 1.5%. This means the value of all goods and services made in Syria was less than before. But now, the World Bank says things might start getting a little better in 2025, with some growth in the economy.

What is the World Bank?
The World Bank is a big international organization that helps countries with money and advice. It works with governments to support projects that can improve lives, build roads, schools, hospitals, and much more. It also studies how economies in different countries are doing and shares its predictions.

Why Will Syria’s Economy Grow in 2025?
The World Bank says a few reasons could help Syria’s economy grow:

Improvement in Oil Production: Syria makes some oil, which is an important resource for the country. If Syria can produce more oil, it can sell it to earn money, which helps the economy.

Increase in Agricultural Output: Many people in Syria work in farming. If farmers can grow more crops and sell them, this also helps the economy get better.

More Trade: Syria trades goods with other countries. If trade improves, more goods and services will move, helping businesses and workers.

Better Security: If the country becomes more peaceful and safe, businesses and people can work without fear. This encourages growth.

What Problems Are Still Holding Syria Back?
Even though the World Bank is hopeful, it says Syria still faces many big problems:

Frozen Assets: Syria has money and property in foreign banks and countries that are frozen. This means the government cannot access or use this money to help the country grow.

Sanctions: Many countries have placed sanctions on Syria. Sanctions are rules that limit trade or financial dealings with Syria. These make it hard for Syria to do business with other countries and get the resources it needs.

Banking Limits: Syria faces problems in using international banks. It’s hard for Syrian companies and banks to connect with banks in other countries because of these limits.

Damaged Infrastructure: Years of war have damaged roads, bridges, factories, schools, and hospitals. It will take time and money to fix these important parts of the country.

Human Needs: Many Syrians still need help with food, water, medicine, and safe homes. Until these basic needs are met, the economy will struggle.

What Does This Mean for Syrians?
If the economy grows even a little, it could help Syrians in many ways. More jobs could become available. Families might find more chances to earn money and buy things they need. Schools and hospitals could improve over time.

But the growth is expected to be slow and small at first. Syrians will still face many challenges in their daily lives. Many people remain displaced and some areas are still unsafe. It will take years to fully recover from the damage caused by war and sanctions.

How Can Syria Improve More?
Experts say Syria can do more to improve if certain steps are taken:

Peace and Stability: Making sure the country stays peaceful and secure is very important. This will encourage businesses and investors to come back.

Lift Sanctions: If countries ease or remove some sanctions, Syria can trade more freely and access money and goods it needs.

International Support: More help from the international community, like food aid, medicines, and rebuilding support, can help Syrians live better and work more.

Fixing Infrastructure: Repairing roads, schools, hospitals, and factories will make it easier for people to work and live better.

Economic Reforms: Syria’s government can make changes in rules to encourage small businesses and attract investments.

Syria has faced many years of hardship, and its economy has suffered a lot. The news from the World Bank shows a small sign of hope that in 2025, the economy might grow by 1%. Though this growth is small, it is still a positive step after years of decline.

The road to recovery will be long and hard, and many challenges still remain. Syrians need peace, support, and opportunities to rebuild their lives and country. With steady progress and help from the world, Syria might slowly improve in the coming years.