Syria is a middle-income, developing country with an economy based on agriculture, oil, industry, and tourism. However, Syria's economy faces serious challenges and impediments to growth, including: a large and poorly performing public sector; declining rates of oil production; widening non-oil deficit; wide scale corruption; weak financial and capital markets; and high rates of unemployment tied to a high population growth rate. In addition, Syria currently is the subject of U.S. economic sanctions under the Syria Accountability Act, which prohibits the export and re-export of most U.S. products to Syria. | Syria is a middle-income, developing country with an economy based on agriculture, oil, industry, and tourism. However, Syria's economy faces serious challenges and impediments to growth, including: a large and poorly performing public sector; declining rates of oil production; widening non-oil deficit; wide scale corruption; weak financial and capital markets; and high rates of unemployment tied to a high population growth rate. In addition, Syria currently is the subject of U.S. economic sanctions under the Syria Accountability Act, which prohibits the export and re-export of most U.S. products to Syria. |