What does the fall of Assad mean to the Syrian economy? 
Over two decades ago, Syria underwent a transformation to enhance its economy by paving the way for foreign direct investments, including inviting regional financial institutions, real estate developers, and international industrial companies.
During that era, I led the Saudi-Syrian Businessmen Council, with several delegation missions to different Syrian cities to explore business and investment opportunities between the two countries. Back then, I set up an advisory firm in Damascus to prepare family businesses for public listings.
Once the conflict started in 2011, Syria entered an endless economic crisis with rising unemployment, poverty, infrastructure damage, and international sanctions. The economy completely collapsed to the point where the Assad family turned to finance their deficits by producing and smuggling drugs to neighboring countries.
Bashar Assad’s fall is expected to impact the Syrian economy. A new government might attract foreign investment and aid, especially once it is viewed as more legitimate and not authoritarian. International organizations and neighboring countries could support reconstruction efforts.
Additionally, the Syrian lira could restore its stability after years of plummeting in value, which has made imports expensive and contributed to the highest inflation in the country’s history.
The fall of Assad will mark a turning point for the Syrian economy, with the potential for both recovery and further challenges.
Basil M.K. Al-Ghalayini
Furthermore, the post-Assad government might implement market-oriented reforms to revitalize the economy, privatize state-owned enterprises, and encourage entrepreneurship. Ultimately, the future of Syria’s economy will depend not only on political changes but also on the commitment of both domestic and international players to support reconstruction and reconciliation efforts.
Thousands of talented young people who have left Syria during the crisis over the past decade may eventually return to participate as the human capital the country needs.
The fall of Assad will mark a turning point for the Syrian economy, with the potential for both recovery and further challenges. While new leadership could bring opportunities for stabilization and investment, the complexities of Syria’s political landscape, ongoing humanitarian crises, and regional rivalries might create unforeseen obstacles.
Sadly, for decades, the Syrian people have endured the worst economic conditions in the country’s history under the brutal dictatorship of the ousted Assad regime.
With its hidden economic drivers, including agribusiness, tourism, industry, and commerce, coupled with the mentality of its ancient merchant families, Syria must unite around a common vision to rebuild its economy. There is an old saying about its souq, the oldest covered market in the world: Growing up in Souq Al-Hamidiyah is equivalent to getting an MBA from Harvard Business School.
I wish Syria a peaceful and prosperous future for generations to come.
- Basil M.K. Al-Ghalayini is chairman and CEO of BMG Financial Group.
