Syrian conflict caused 100 per cent decline in foreign trade
The conflict in Syria caused the country to suffer an almost 100 per cent decline in foreign trade in 2012, AFP reported citing state-backed media.
Syria's economy has suffered dramatically as a result of the two-year conflict continuing to grip the nation.
Exports dropped to $185 million in 2012, a decline of 97 per cent, according to AFP. The state backed Al Watan newspaper said the figures showed "the dramatic impact caused by the current crisis".
The pro-regime paper blamed western and Arab-imposed sanctions for strangling off the economy, which were targeted at government officials, including Rami Makhlouf who is in Assad's 'inner circle' and runs several key entities. It is thought Makhlouf helps bankroll pro-government protests.
The conflict in Syria has caused at least 70,000 deaths according to the United Nations and forced over 1.2 million to flee to neighboring countries.
- DP World’s profits soared by 41 percent in H1. What’s their secret?
- Kingdom’s SMEs hold stronger outlook for Q3
- Jordan's King Abdullah has a 10-year plan for the country's economy
- Dubai's economy could have an optimistic future with a 5.6 percent growth this year
- Ups and downs: Jordan's public debt is up and ratio to GDP is down