Syrian Arab Republic: 2007 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
IMF Staff Country Reports, August 15, 2007
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- Syrian Arab Republic: 2007 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
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Bibliographic details
- Published: August 15, 2007
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451836318.002
Overview
- The 2007 Article IV Consultation reports that, over the past three years, Syria has recovered from a half decade of weak growth.
- Recovery occurred notwithstanding an unsettled regional environment and a sharp drop in oil production.
- The economic recovery gained momentum, benefiting from inflows from Iraqi refugees and abundant liquidity in the Gulf region.
- Private investment strengthened owing to an improved business climate.
- Exports made strong gains, particularly in some Arab markets.
- The near-term outlook for growth and inflation is favorable.
Key findings
- Economic recovery over the past three years following a half decade of weak growth.
- Positive contributions to recovery:
- Inflows from Iraqi refugees.
- Abundant liquidity in the Gulf region.
- Strengthened private investment tied to an improved business climate.
- Strong export gains, particularly in some Arab markets.
- External and domestic headwinds noted:
- Unsettled regional environment.
- A sharp drop in oil production.
Outlook and implications
- Near-term outlook:
- Growth: favorable.
- Inflation: favorable.
- Policy-relevant implications drawn from findings:
- Continued support for private investment and business-climate improvements to sustain recovery.
- Attention to external vulnerabilities stemming from regional instability and oil-production volatility.
- Leverage export gains in Arab markets to diversify external revenue sources.
Subjects and keywords (as listed)
- Subjects: Balance of payments statistics, Banking, Commercial banks, Economic and financial statistics, Exchange rates, Financial institutions, Fiscal consolidation, Fiscal policy, Foreign exchange, Government debt management, Government finance statistics
- Keywords: Balance of payments statistics, central bank, Commercial banks, CR, current account, current account convertibility, exchange rate, Exchange rates, Fiscal consolidation, Global, Government finance statistics, investment regime, ISCR, Middle East, reform agenda, Syria