80 percent of Syrians are below the poverty line and few have a monopoly on wealth

Report issued by the Syndicate of Banking Workers in Damascus estimated that the losses of the Syrian economy so far have amounted to more than 530 billion dollars, equivalent to 9.7 times the country’s GDP in 2010.

The report, which was read by the union’s president, Ahmed Hamed during the annual conference, indicated that during in recent years, in light of the harsh conditions surrounding our country, Syria, and the unjust foreign measures, social justice remained absent, and with it development, which brought more than 80 percent of our people to the poverty line and below, and famine loomed on the horizon despite the efforts made at the government level.

The report considered that until this moment no real initiatives have been made to overcome the crises that we are living in today.

Rather, the monopoly of wealth has increased in the hands of a small minority of beneficiaries at the expense of the largest segment of society, and the government has vacated its responsibility for its duties regarding the possibility of advancing the public sector and issuing decisions to encourage the private sector to make real investments.

What led to the suspension of economic activity by investors, the closure of their facilities, and the immigration out of the country with their money, which caused losses to the national economy.

The report pointed to the instability of the exchange rate and to a continuous increase in the prices of raw materials, taxes and fees, in addition to the increase in the prices of services and the gradual abandonment of the support that was provided to citizens for decades, under the pretext of the crisis and its economic consequences.

The report estimated that the percentage of infrastructure damage exceeded 40 percent.