Syrian Arab Republic: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Syrian Arab Republic

IMF Staff Country Reports, February 13, 2009

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Canonical URL: Syrian Arab Republic: 2008 Article IV Consultation: Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Syrian Arab Republic

The staff report covers the 2008 Article IV Consultation of the Syrian Arab Republic on economic developments and policies.
The impact of adverse global and regional developments currently under way on the Syrian economy is expected to be relatively moderate in the short term.
The effects are likely to operate through weakening FDI, remittances, and demand for Syrian exports from the Gulf region.
The positive outlook is contingent on perseverance in advancing fiscal and structural reforms and an improvement in global conditions over the medium term.
Full text also available in Arabic.

Short-term impact described as “relatively moderate.”
Primary channels of adverse effects identified:
- Weakening FDI
- Weakening remittances
- Reduced demand for Syrian exports from the Gulf region

The favorable outlook depends on:
- Continued fiscal reforms
- Continued structural reforms
- An improvement in global conditions over the medium term

Emphasis on perseverance in advancing fiscal reforms.
Emphasis on perseverance in advancing structural reforms.
Monitoring external channels (FDI, remittances, export demand) given vulnerability to regional and global developments.