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Flag description:
three equal horizontal bands of red (top), white, and black, colors associated with the Arab Liberation flag; two small, green, five-pointed stars in a horizontal line centered in the white band; former flag of the United Arab Republic where the two stars represented the constituent states of Syria and Egypt; similar to the flag of Yemen, which has a plain white band, Iraq, which has an Arabic inscription centered in the white band, and that of Egypt, which has a gold Eagle of Saladin centered in the white band; the current design dates to 1980
Economy ::Syria
Economy - overview:
The Syrian economy grew by an estimated 2.4% in real terms in 2008 led by the petroleum and agricultural sectors, which together account for about one-half of GDP. Higher crude oil prices countered declining oil production and led to higher budgetary and export receipts. Damascus has implemented modest economic reforms in the past few years, including cutting lending interest rates, opening private banks, consolidating all of the multiple exchange rates, raising prices on some subsidized items, most notably gasoline and cement, and establishing the Damascus Stock Exchange - which is set to begin operations in 2009. In October 2007, for example, Damascus raised the price of subsidized gasoline by 20%, then instituted a rationing system in 2008. In addition, President ASAD signed legislative decrees to encourage corporate ownership reform, and to allow the Central Bank to issue Treasury bills and bonds for government debt. Nevertheless, the economy remains highly controlled by the government. Long-run economic constraints include declining oil production, high unemployment and inflation, rising budget deficits, and increasing pressure on water supplies caused by heavy use in agriculture, rapid population growth, industrial expansion, and water pollution.
GDP (purchasing power parity):
$99.06 billion (2008 est.) country comparison to the world: 66 $94.26 billion (2007 est.)
$88.65 billion (2006 est.)
note: data are in 2008 US dollars