Syrian economy suffering as a result of ongoing civil war, reports Healy Consultants

TIONG BAHRU, Singapore - Aug. 29, 2016 - PRLog -- Syria's long running civil war has wreaked havoc on the country, devastating the economy and redrawing the country's trade map.

The damage to both human capital that has seen more than 11 million people displaced and on the infrastructure could keep the country's economic growth stunted for decades even if the conflict could end in the near future.

According to a report by BMI Research, the components of Syria's GDP has plunged with significant drops mainly in agriculture and manufacturing sector and with an estimated contraction of up to 25% year over year since 2011. Additionally, exports have lost up to 80% of their original value since the year 2010.

"Large-scale destruction amid the protraction of the current civil war will continue to damage the Syrian economy over the coming decade," stated the report.

"We project a return to growth only in 2020, mostly reflecting low base effects and the influx of external finding, including humanitarian aid and investment from allied countries.

Syria will become increasingly reliant on external assistance especially from Russia and Iran amid the depletion of the country's resources," continued the report.

Oil production that accounted for at least 50% of Syria's exports have also dipped significantly given the illegal occupation of major oil fields in the country by the Islamic State (ISIS).

Due to the serious damage the conflict in Syria has caused to its economy, experts are not optimistic of near turnarounds and it is highly likely the situation will remain the same if not worsen for an extended period.

Healy Consultants is a professional corporate services provider headquartered in Singapore and with a presence in Syria since the year 2003. The company helps global entrepreneurs looking to establish their international businesses in different sectors of the economy with, among others, company registration, tax and vat registration, assistance with obtaining business licenses and official business addresses, opening a corporate and merchant bank account and obtaining work or residence visas.