Syrian economy flourishing, Central Bank Governor says

Reuters, Wednesday 24 Nov 2010

Up to 7 percent growth for Syrian economy is expected in 2011, indicating commitment to reform

The Syrian economy will grow by 6 to 7 percent in 2011, said Adib Mayaleh, Governor of Syria's Central Bank. "We expect that the economic growth indicators in Syria for 2010 will range from 5 to 6 percent, and will increase by 1 percent in 2011" said by the minister in a conference held in Beirut this week.  

The contribution of the private sector to Syria's GDP comprised almost 70 percent, indicating resistance to the socialist economic policies implemented by the former Ba`ath party, whose policies have had a stronghold on the country, Mayaleh added.

Officials say that the private industrial sector in Syria has flourished since the state has reduced restrictions on business and opened the market to private and foreign investors. The industrial private sector represents 83 percent of industrial output. 

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