WB Forecasts GDP to Decline by 6.4% in 2012- Syria Report 25-6-2012
The World Bank forecasts Syria’s Gross Domestic Product to fall by 6.4 percent this year after having declined by 3.1 percent in 2011.
The Washington-based institution publishes these figures in the June edition of its Global Economic Prospects report. The WB estimates Syria’s GDP to have risen by 6.0 percent in 2009 and 3.2 percent in 2010.
Meanwhile, the current account deficit is expected to dive to 16.5 percent of GDP this year from 2.8 percent in 2011 and 0.6 percent in 2010.
Syria’s growth performance is the lowest of ten MENA countries included in the report and its current account deficit the second highest – as a percentage of GDP – behind Lebanon.
The GDP estimate for last year and forecasts for this are much more optimistic than the estimate of many analysts, although a dearth of data makes it difficult to provide a correct assessment of the actual state of the economy.
An uprising gripping Syria since March 2011 has led to sharp contraction in private sector and state investment and consumption.