Syria’s Reconstruction Needs Assessed
The World Bank has released a new report detailing the devastating physical damage from the prolonged conflict in Syria and the monumental cost required to rebuild the nation. According to the “Syria Physical Damage and Reconstruction Assessment 2011-2024,” the estimated price tag for reconstruction stands at a staggering $216 billion. This figure starkly illustrates the economic devastation wrought by over 13 years of war.
Infrastructure Bears the Brunt of Damage
The assessment reveals that direct physical damage to assets like infrastructure, housing, and other buildings is estimated at $108 billion. This has destroyed approximately one-third of the country’s pre-conflict capital stock. Among the categories evaluated, infrastructure was the hardest hit, constituting 48% of the total damage. The regions of Aleppo, Rural Damascus, and Homs were identified as the most severely affected areas.
A Daunting Financial Challenge
The estimated $216 billion for reconstruction is a daunting figure, equivalent to about ten times Syria’s projected Gross Domestic Product (GDP) for 2024. This comparison highlights the overwhelming scale of the task and the pressing need for substantial international assistance. The report breaks down the costs, with $75 billion needed for housing, $59 billion for non-residential buildings, and $82 billion allocated for infrastructure. Aleppo and Rural Damascus are expected to require the highest investment.
Economic Collapse Amid Conflict
The conflict has had a catastrophic effect on the Syrian economy. The World Bank noted that the real GDP plummeted by about 53% between 2010 and 2022. In nominal terms, the country’s GDP has drastically fallen from $67.5 billion in 2011 to an estimated $21.4 billion in 2024, underscoring the profound economic collapse that accompanies the physical destruction.
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