In-depth country-focused analysis on Syria's economic, political and operational risk environment, complemented by detailed sector insight

Our comprehensive assessment of Syria's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Syria, as well as the latest industry developments that could impact Syria's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Syria before your competitors.

Country Risk

Syria Country Risk

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Core Views

  • The ongoing civil war in Syria is having severe repercussions on the Lebanese economy. Lebanon's medium-term growth trajectory will settle well below pre-crisis levels due to a lack of investment in transportation and energy infrastructure.

  • Despite renewed fears over the economy's gaping external asymmetries, a loyal depositor base in the domestic banking sector, combined with a massive arsenal of foreign exchange reserves, should help bolster underlying stability through what will turn out as a prolonged period of political volatility. This will minimize the potential for an unexpected devaluation of the pound in 2015.

Major Forecast Revisions

  • We forecast real GDP in Lebanon to expand by 2.6% in 2015, from our previous forecast of 2.4%. That said, elevated political...

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Syria Industry Coverage (2)


Syria Autos

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Heightened risk from the situation in Syria, coupled with a weak economic outlook, will continue to dampen autos demand in the Levant region over the course of 2015. Of the three countries covered in this report, we believe that it is Jordan that has the strongest near-term growth potential, where we are targeting 6.7% growth in new vehicle sales over 2015, to 18,855 units. However, Lebanon will remain the largest regional market overall, on 42,823 units, up by 4.1% during 2015.

Backing up our optimistic outlook on the evolution of new vehicle sales in Jordan is our Country Risk team's belief that economic activity will strengthen from 2015 onward, due to robust public investment and gradual improvements in domestic demand. BMI forecasts real GDP growth to stand at 2.9% in 2014 and 3.4% in 2015, compared to an annual average of just 2.6% between 2010 and 2013.

In particular, we expect construction activity and the...

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Defence & Security

Syria Defence & Security

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BMI View: Syria remains embroiled in a full-scale civil war. Without any viable political process and in view of the number of armed groups operating in Syria, BMI does not foresee any let up in the violence soon. Our view is that while the anti-Islamic State coalition has made some strides, the long term effectiveness of this coalition to bring stability to Syria seems rather questionable.

Although the air-strikes carried out by the U.S. led anti-Islamic State coalition have hurt the group hard, we think that their long-term effectiveness is questionable without a longer term strategy on how to remove Assad and bring about a political transition. Without defining a clearer strategy to remove Assad, we think that the U.S. is leaving itself in a dangerous position


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