World Bank: Rebuilding Syria to Cost Around $216 Billion 

Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)
Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)
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World Bank: Rebuilding Syria to Cost Around $216 Billion 

Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)
Syria's Minister of Finance Mohammed Yisr Barnieh participates in the session "Rebuilding Syria: A Journey Towards Stability and Prosperity", during the IMF/World Bank annual meetings in Washington, DC, US, October 15, 2025. (Reuters)

Rebuilding Syria after more than a decade of civil war is expected to cost about $216 billion, the World Bank said in a report published Tuesday.

The report, “Syria Physical Damage and Reconstruction Assessment 2011-2024”, presents the results of a rapid nationwide assessment across infrastructure and building assets, covering the period from 2011 to 2024.

Syria’s conflict has damaged nearly one-third of its pre-conflict gross capital stock, with direct physical damages to infrastructure, residential buildings, and non-residential buildings estimated at $108 billion, said the report.

The conclusions came two days after Syrian Finance Minister Mohammed Yisr Barnieh held meetings in Washington with World Bank representatives and discussed ways to support Syria’s economic and financial recovery. Syria aims to secure approximately $1 billion in grants from the World Bank over the next three years.

Among the categories assessed, the World Bank found that infrastructure was the hardest hit, accounting for 48% of total damage ($52 billion), followed by residential buildings ($33 billion) and non-residential buildings ($23 billion).

The governorates of Aleppo, Damascus countryside, and Homs were the most severely affected in terms of total damage.

Cost of reconstruction 10 times Syria’s GDP

The assessment said reconstruction costs of Syria’s damaged physical assets are projected to range between $140 billion and $345 billion, with a conservative best estimate of $216 billion. This includes $75 billion for residential buildings, $59 billion for non-residential structures, and $82 billion for infrastructure.

The governorates of Aleppo and Damascus countryside are expected to require the most significant reconstruction investments.

The assessment underscores the scale of the challenge and the immense need for international support as estimated physical reconstruction costs are nearly ten times Syria’s projected 2024 GDP.

The conflict has devastated Syria’s economy, with real GDP declining by nearly 53% between 2010 and 2022.

In nominal terms, GDP contracted from $67.5 billion in 2011 to an estimated $21.4 billion in 2024, as per Syria Macro-Fiscal Assessment published earlier this year.

“The challenges ahead are immense, but the World Bank stands ready to work alongside the Syrian people and the international community to support recovery and reconstruction,” said Jean-Christophe Carret, World Bank Middle East Division Director.

“Collective commitment, coordinated action, and a comprehensive, structured support program are critical to helping Syria on its path to recovery and long-term development,” he added.

For his part, Barnieh said the report provides a critical baseline of the massive scale of the destruction and of the reconstruction costs ahead.

“Now, more than ever, it is imperative for the international community to mobilize support and partnership to help Syria restore essential infrastructure, revitalize communities, and lay the foundation for a more resilient future for its people,” he noted.

Given the protracted conflict and related methodological constraints, the report findings are subject to significant uncertainty.

The report does not provide detailed disaggregation by sectors or more detailed asset types. It is intended to provide an estimate of the overall scale of damage and reconstruction costs, and to inform discussions on recovery planning.

The assessment was prepared with financial and technical support from the World Bank’s Global Facility for Disaster Reduction and Recovery (GFDRR).



S&P Global: UK Consumers Hit by Worries Over War in Iran

A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe
A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe
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S&P Global: UK Consumers Hit by Worries Over War in Iran

A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe
A man shops in a supermarket in Chanverrie, France, October 16, 2024. REUTERS/Stephane Mahe

British consumers have turned their least confident since the start of last year following the outbreak of war in the Middle East, financial data firm S&P Global said on Monday in an early sign of the potential impact of the conflict on the economy.

S&P Global's Consumer Sentiment Index - based on a survey conducted ⁠March 5-9 - dropped ⁠to 44.1 in March from 44.8 in February, its lowest since January 2025.

"A marked deterioration of consumer sentiment in March means we are seeing the first ⁠concrete signs of the war in the Middle East damaging the UK economy," Maryam Baluch, an economist at S&P Global Market Intelligence, said, according to Reuters.

Households were the most downbeat about their financial prospects since December 2023 and the wariest about making big purchases in 14 months, the firm said.

The Bank ⁠of ⁠England, along with private economists, is watching for the impact of the US-Israeli war with Iran on the economy, including any hit to consumer spending as the rise in global energy prices threatens to push up inflation.

The BoE is likely to delay a previously expected interest rate cut on Thursday.


Gold Falls as Inflation Fears Pressure Fed Rate-cut Outlook

AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
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Gold Falls as Inflation Fears Pressure Fed Rate-cut Outlook

AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna
AFP_96 Gold bars weighing 1000 grams each are displayed at the Austrian Gold and Silver Refinery _Oegussa_ in Vienna

Gold prices dipped on Monday, pressured by concerns that surging oil costs could stoke inflation further and prompt a more hawkish policy stance by major central banks including the US Federal Reserve, dulling the appeal of the non-yielding asset.

Spot gold fell 0.7% to $4,983.17 per ounce, as of 0944 GMT. US gold futures for ‌April delivery ‌fell 1.5% to $4,987.30.

"The gold market has moved its ‌focus ⁠from looking at ⁠the implications of the Hormuz trade closure, and towards implications of longer-term inflation," said Bernard Dahdah, an analyst at Natixis.

"Higher oil prices mean higher inflation and this has repercussions on the Fed. The Fed could pivot, stop cutting rates and that puts downward pressure on gold prices."

Oil held above $100 a ⁠barrel, up more than 40% this month ‌to its highest levels since 2022, ‌after US-Israeli strikes on Iran prompted Tehran to halt shipments through ‌the Strait of Hormuz.

US President Donald Trump on Sunday pressed ‌allies to help secure the Strait of Hormuz as Iranian forces continue attacks on the vital waterway amid the US-Israeli war on Iran, now in its third week.

The Fed will meet this week ‌for a two-day policy meeting, where it is widely expected to hold interest rates steady.

Other ⁠central ⁠banks including the European Central Bank, the Bank of England and the Bank of Japan will also meet this week, with the focus on policymakers' assessment of the Iran war on inflation, growth and future policies.

"But we expect central banks to be watchful of inflation risks without making knee-jerk policy rate hikes," UBS said in a note.

"In addition, the longer the US-Iran conflict goes on, the higher the risk of negative economic impacts, which should support hedging demand for gold."

Elsewhere, spot silver fell 2.6% to $78.46 per ounce. Spot platinum held steady at $2,024.85 and palladium slid 0.5% to $1,542.92.


GASTAT: Saudi Consumer Inflation Eased to 1.7% in February

Shoppers are seen at a supermarket in Saudi Arabia. SPA
Shoppers are seen at a supermarket in Saudi Arabia. SPA
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GASTAT: Saudi Consumer Inflation Eased to 1.7% in February

Shoppers are seen at a supermarket in Saudi Arabia. SPA
Shoppers are seen at a supermarket in Saudi Arabia. SPA

Saudi Arabia’s annual inflation rate edged down to 1.7 percent in February, the lowest level since January 2025, according to data from the General Authority for Statistics (GASTAT).

The consumer price index eased from 1.8 percent in January to 1.7 percent, GASTAT said Sunday.

The data further showed that housing, water, electricity, gas, and other fuels rose 4.1 percent in February 2026, mainly driven by a 5.1 percent increase in actual housing rents.

Transport prices also climbed 1.4 percent, supported by a 5.6 percent rise in passenger transport services, while restaurant and accommodation services increased 1.9 percent due to higher accommodation costs.

Personal care, social protection and miscellaneous goods and services surged 8.2 percent, largely reflecting a jump in other personal effects, particularly jewelry and watch prices, which rose 29 percent.

According to GASTAT, prices in recreation, sport and culture climbed 1.8 percent, while education services increased 1.4 percent. As for information and communications prices, they edged up 1.1 percent.

Data showed that prices in the insurance and financial services category rose 1 percent.

As for furnishings, household equipment and routine maintenance, prices declined 0.9 percent, while prices for food and beverages, as well as clothing and footwear, remained largely stable during the period.

GASTAT said that on a monthly basis, the Consumer Price Index last month recorded relative stability compared to January 2026.