Syria's new rulers set ambitious economic goals: Are they achievable?

Syria's interim government has made several promises to transform the country's economy since the ouster of President Bashar al-Assad in December. The overthrow of Assad came after decades of iron-fisted rule by his family and Syria's isolation from international diplomacy and financial markets. 

A lightning offensive led by the rebel group Hayat Tahrir al-Sham led to Assad's escape to Moscow on Dec. 8. A transitional government was formed between HTS and other militias and HTS leader Ahmed al-Sharaa was appointed Syria's interim president. The caretaker government is set to remain until March 1, but efforts to establish a new constitution and government are likely to take time.

Despite its 94% literacy rate, one of the highest in the Middle East, Syria’s economic problems run deep. Between 2010 — a year before Syria's civil war erupted — and 2021, Syria's gross domestic product fell by 54%. Western sanctions imposed on the country since May 2011 over the war contributed to the drop. Some 90% of the country lives below the poverty line, according to the United Nations. 

Billions of dollars are needed to rebuild the country after the devastating effects of the war. Cost estimates vary between $250 billion and $400 billion, and it is unclear which foreign governments will help fund it.