In an unprecedented move, the six-nation Gulf Cooperation Council (GCC) collectively initiated economic measures to put pressure on the Syrian regime for its violent crackdown on protesters demanding comprehensive political reforms.
GCC countries are well placed to wield the stick given the deteriorating situation in Syria thanks to massive public and private investments. Running into billions of dollars, GCC investments are significant compared to the relatively small Syrian economy.
Syria's gross domestic product (GDP) amounted to $107 billion (Dh392.93 billion) on the basis of purchasing power parity but merely $65 billion in nominal terms last year. Yet, the GDP of Saudi Arabia stood at $577 billion in nominal terms in the same year.
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