Minister of Finance: Syria Not Deeply Affected by Global Financial Crisis
Dr. Mohammad al-Hussein, Syria’s Minister of Finance has said that the effects of the global financial crisis have been minimal and they are doing their best to minimize them, pointing towards lessened state involvement in the financial sector as the main cause.
Syria has made significant steps in recent years, according to their state news service. They have included the opening of some private banks, reduction of national debt, and deep tax cuts on companies. They will also soon be opening the Damascus Stock Market.
Another important remark is his call for more representation internationally for developing countries to speak to economic concerns. This would likely be in response to meetings by countries in the so-called ‘G7,’ who represent only the world’s strongest economies. Syria’s call for representation probably reflects the feelings of many countries with smaller economies who want advantageous policies enacted. Dr. al-Hussein’s remarks about lessened state involvement in economies is also a direct slight against most of the G7 countries who have advocated laissez-faire markets, even as Syria seems to be moving towards freer markets.
Joshua Bark
