Macroeconomic Forecast Syria

Lower oil prices and a slowdown in domestic economic growth are having a negative impact on Syria's fiscal situation in 2009, and we see the budget deficit widening to 2.7% of GDP, from an estimated 0.9% in 2008. Things should improve in 2010 - we are forecasting a deficit of 1.2% of GDP. A steeper-than-expected recovery in oil prices poses upside risks to our budget forecasts.

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