Syria Economic Monitor - The Economic Aftershocks of Large Earthquakes - Summer 2023

Jul 19, 2026

Syria Economic Monitor - Summer 2023 examines how large earthquakes amplified an already fragile Syrian economy amid ongoing conflict. It traces damage to human life, physical assets, and infrastructure, then links these shocks to disruptions in economic activity, trade performance, currency depreciation, and accelerating price increases. The report also highlights regional differences, constraints on household welfare, and the ways a weak domestic disaster response can undermine recovery, shaping the outlook and risks.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages58

Reading Time2 h 26 min

Executive Summary

The Earthquake

Recent Economic Developments

Outlook and Risks

Special Focus: Syria Earthquake 2023 Rapid Damage and Needs Assessment

Pub lic Disclosure Authorized Pub lic Disclosure Authorized Pub lic Disclosure Pub lic Disclosure Authorized SYRIA ECONOMIC MONITOR The Economic Aftershocks of Large Earthquakes Summer 2023 Syria Economic Monitor The Economic Aftershocks of Large Earthquakes Summer 2023 Middle East and North Africa Region ©2023 International Bank for Reconstruction and Development/The World Bank 1818 H Street NW Washington DC 20433 Telephone: 202-473-1000 [Internet: www.worldbank.org](Internet: www.worldbank.org) This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy, completeness, or currency of the data included in this work and does not assume responsibility for any errors, omissions, or discrepancies in the information, or liability with respect to the use of or failure to use the information, methods, processes, or conclusions set forth. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be construed or considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encourages dissemination of its knowledge, this work may be reproduced, in whole or in part, for noncommercial purposes as long as full attribution to this work is given. Any queries on rights and licenses, including subsidiary rights, should be addressed to World Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433, USA; fax: 202-522-2625; e-mail: [pubrights@worldbank.org](pubrights@worldbank.org). Cover photo courtesy of Mohammad Bash/Shutterstock. Further permission required for reuse. Publication design and layout by The Word Express, Inc. TABLE OF CONTENTS List of Abbreviations ..................................................... vii Preface .............................................................. ix Executive Summary ...................................................... xi الملخص التنفيذي ....................................................... xv 1. The Earthquake ...................................................... 1 2. The Conflict ......................................................... 5 3. Recent Economic Developments............................................ 7 The Syrian economy was already fragile before the earthquake ......................................7 The dire economic situation deteriorated further after the earthquake .................................7 The earthquake disrupted economic activity....................................................7 The earthquake worsened Syria’s trade balance ............................................... 10 Currency depreciation and price increases both accelerated after the earthquake ..................13 Price changes varied considerably across regions ............................................. 14 The earthquake exacerbated Syria’s severe preexisting challenges with household welfare .......... 18 A weak domestic disaster response is undermining the recovery ....................................22 4. Outlook and Risks .....................................................27 Special Focus: Syria Earthquake 2023 Rapid Damage and Needs Assessment .................31 References ............................................................35 List of Figures Figure 1 The Earthquake Created Large Human Losses and Physical Damages in the Most Conflict-Affected Areas of the Countr

FAQs

How did the earthquake affect Syria’s overall economic activity?

The earthquake disrupted economic activity and slowed it immediately afterward, while relief efforts drove a recovery that remained uneven. It also worsened key economic outcomes linked to preexisting vulnerabilities.

What were the earthquake’s effects on trade and prices?

The earthquake worsened Syria’s trade balance and accelerated currency depreciation and price increases. Price changes varied considerably across regions after the earthquake.

Why is the disaster response important for recovery, according to the report?

The report notes that a weak domestic disaster response is undermining recovery. This constraint affects the ability to stabilize conditions and manage the medium-term outlook and risks.

Jul 19, 2026

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