The political unrest that has gripped Syria over the past year, and the sanctions that resulted, have had a devastating impact on the country’s economy. Sanctions by the U.S. and the European Union have targeted members of the Syrian government, frozen international banking transactions and halted Syrian oil exports.
And the resulting economic decline, which is just beginning to make headlines, has major implications not only for the Syrian government, but also for the Syrian people.
Ayesha Sabavala, the Economist Intelligence Unit’s editor and economist for the Middle East and North Africa, explained that as the economy declines, the likelihood of a government reshuffle in Damascus to remove Syrian President Bashar al-Assad increases.