IMF: Syria Economy to See 'Significant' Contraction in 2012

W460

Syria's economy is expected to contract significantly in 2012 due to 14 months of violence and sanctions, a top official at the International Monetary Fund said on Wednesday.

"We do expect contraction in GDP (Gross Domestic Product) this year," the head of the IMF's Middle East, North Africa, Gulf and Central Asia Department, Masood Ahmed, told Agence France Presse, adding that the drop is poised to be "significant".

The IMF is not providing figures on the Syrian economy due to lack of data amid the political uncertainty.

Ahmed cited unrest and EU sanctions on Syrian oil exports as main causes of deterioration in the economy.

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