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Syria's Economy Is Nearing the Brink
(Daily Star-Lebanon) Christian Henderson - Syria's economy is contracting rapidly. It is estimated that since the protests began, the country's gross domestic product has shrunk by as much as 20%. Revenues from oil and tourism, two important sources of foreign income, have almost disappeared. Recent Arab League sanctions have closed the trading route between Turkey and the rest of the region, cutting customs revenues. On the black market the value of the Syrian pound against the U.S. dollar has fallen to 62 pounds to $1, which means that Syrians have lost some 25% of their spending power. Imported goods have suddenly become very expensive and life in Syria is becoming difficult for ordinary people.