The Syrian economy has sustained a loss of $103.1bn by the second quarter of 2013, as a result of business closure and bankruptcy, capital flight, looting and destruction since the beginning of political turmoil in the country, according to a newly published report commissioned by the UNDP and UNRWA and prepared by the Syrian Center for Policy Research (SCPR). This loss represents 147% of Syria’s GDP in 2010 at constant prices.
Damage to capital stock is estimated at $49.64bn, accounting to 48% of the total above. The report notes that this loss of capital will have to be replaced with the aid of new sources of financing in future reconstruction and re-industrialization of the Syrian economy. (CONTINUED - 658 WORDS)