until the early years of 1960s
Syria Economy was essentially an agricultural one. It was only in the mid 1960s that a planned process of large scale
Industrialization began and the State had a major role to play in it. The
Syria Economy today is a a
multi-resources economy based on agriculture, industry, trade and the most prominent oil sector. Since the 1980s the fields of
oil and natural gas extraction has become one of the most important resource of the
Syria Economy.
However, Syria is still a
developing middle income country with fluctuating
Gross Domestic Product(GDP). Syria Economy is largely supported by steady flow of
foreign aids and besides different foreign investment the
World Bank also contributes a large share to the Syria Economy. Officially,
Syria Economy is based upon the
Socialist Ideology but a certain degree of private business continue in the
Syria Economy.
Syria Economy, when compared to the other
Arab Economies, is relatively poor and therefore has to depend to a large extent on the other Arab Economies. The main life line of the
Syria Economy includes the oil refineries, most electricity plants and the railways. There are also some industries like large textile factories and many flour mills which are owned by the
Syrian State. Private business are also an integral part of the
Syria Economy and these are dominated by retail trade, although there are also consumer cooperatives in the larger cities. The
Syrian Trade Union for industrial employees, is a General Federation of Workers and plays an important regulatory role in the
Syria Economy.
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