Bleak Prospects for Syrian Industry

Several news outlets reported last week on the economic turmoil affecting Syria’s industrial sector.



According to the official newspaper Tishreen, the textiles industry continues to struggle, with workers laid off and factories closing. Last year, 80 textiles plants shut their doors and more than 600 staff lost their jobs.



A number of leading merchants told the pro-government magazine Al-Iqtisadi of their fears that the next few months could lead to bankruptcies and more redundancies.



The economic magazine blamed the economic downturn on soaring oil prices, as well as on the global financial crisis.



Pro-government website Syria Steps said newspapers and magazines were not immune from the effects of the downturn, as increasing numbers of companies were being forced to cut back on advertising.