Damascus, Dec. 15 (SANA) The U.S. House of Representatives’ recent vote to repeal the Caesar Act sanctions on Syria marks a pivotal shift for the country’s economy. Experts view this as an opportunity for greater regional and international cooperation, with the potential to reshape Syria’s financial landscape.
Reshaping Legal and Financial Systems
Ibrahim Qushji, an economic expert, explained that repealing the sanctions will lift financial restrictions, reconnect Syrian banks to the SWIFT network, and end banking isolation. This will create a legal framework conducive to investment and international financing, especially during the reconstruction phase.
The effects on daily life will be gradual, Qushji said, adding that in the short term, goods availability and price stability are expected to improve, driven by reduced shipping and insurance costs. In the medium term, positive effects are anticipated in sectors like electricity, healthcare, and employment, especially in construction. Long-term benefits will depend on the speed of reconstruction and the economy’s ability to attract investment.
Structural Reforms Needed for Full Recovery
Experts emphasize that Syria’s full recovery will require deep structural reforms. These include addressing exchange rate issues, improving the business environment, and enhancing transparency. Qushji highlighted that lifting sanctions alone won’t suffice without reforming the banking system and combating corruption.
Karam Khalil, an economic researcher, points to the energy sector as a key growth driver through the rehabilitation of power plants and the development of renewable energy projects. He also sees lower import costs benefiting the industrial sector, boosting job creation and exports.
Experts expect GDP to grow by around 4% in the first three years of the post-repeal period, rising to 6% in the medium term, driven by infrastructure improvements and increased investment.
Path to Maximizing Benefits
To fully capitalize on the repeal, Khalil stressed that Syria must update its legal framework to attract investment, restructure the public sector, and launch a national reconstruction plan focusing on energy, transportation, and technology.
The Caesar Act, originally passed in 2019, was aimed at punishing the former Syrian regime for its crimes against Syrian people. The repeal is projected to reduce economic pressures on the country and restore some stability, following recent extensive diplomatic efforts by Syria and its allies.
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