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International Monetary Fund

difficulties in meeting industry standards, and the time-sensitive delivery requirements of western markets. Products with higher added value are exported mostly to GAFTA countries and Turkey (75 percent for fabric and 60 percent for garments in 2004). Exports of fabric and garments to the EU accounted for respectively 10 percent and 23 percent, 72 amounting to a marginal share of the EU’s imports. 73 121. As the industry is mostly directed toward local consumption, Syria has been a net textile importer . In particular, local companies rely on imports of synthetic and

International Monetary Fund
Syria faces two interrelated medium-term challenges posed by the prospective decline in its oil reserves. The recently approved five-year plan (FYP) laid down a comprehensive strategy to address these challenges. Syria’s public finances are headed for challenging times in the coming 10–15 years. Large fiscal deficits have marked the economic history of many developed and developing countries alike during the 1970s and 1980s, with damaging consequences to their economies. Although financial markets can help keep the deficit bias in check, market discipline has proved mostly inadequate.