World Bank Releases Report on Syria’s Infrastructure Damage and Reconstruction Costs
In a statement issued by the World Bank, it was noted that the report titled “Syria Physical Damage and Reconstruction Assessment 2011-2024” addressing the infrastructure and building assets throughout the country in Syria has been published.
The report estimates that the reconstruction cost of Syria, after more than 13 years of conflicts, is around $216 billion. The statement emphasized that approximately one-third of Syria’s pre-conflict capital stock has been damaged, with an estimated direct physical damage cost of $108 billion to infrastructure, residential, and non-residential buildings.
INFRASTRUCTURE DAMAGE ACCOUNTS FOR 48% OF TOTAL DAMAGE
The statement highlighted that among the evaluated categories, infrastructure suffered the most damage, accounting for 48% of the total damage, with Aleppo, rural Damascus, and Homs being the most affected regions in terms of total damage.
It was mentioned in the statement that the estimated cost of reconstructing the damaged physical assets is projected to be between $140 billion and $345 billion, with the most likely estimate set at $216 billion. The statement indicated that out of this amount, $75 billion is for residential reconstruction costs, $59 billion for non-residential structures, and $82 billion for infrastructure, with Aleppo and rural Damascus standing out as the regions requiring the highest reconstruction investments.
RECONSTRUCTION COST IS 10 TIMES SYRIA’S GROSS DOMESTIC PRODUCT (GDP)
The statement highlighted that the estimated physical reconstruction costs are approximately 10 times Syria’s projected Gross Domestic Product (GDP) for 2024, underscoring the scale of the challenges and the significant need for international support.
It was noted that the conflict has “devastated” the Syrian economy, with a roughly 53% decline in real GDP from 2010 to 2022. It was also announced that the country’s nominal GDP is estimated to have plummeted from $67.5 billion in 2011 to $21.4 billion in 2024.
