Syria - Domestic policy

In 2001, Assad allowed for the introduction of private banking and has made some incremental steps at liberalizing the economy. The country also applied for membership in the World Trade Organization (WTO), though its admission, critics claim, is likely years away. One of the major problems facing the Syrian economy is unemployment. Official figures estimate unemployment at 10%, but most analysts believe the actual figure to be at least 20%. Since much of the non-agricultural

economy is based on oil, very few jobs are created in that sector. Additionally, proven reserves are expected to be depleted by 2013. In an attempt to deal with this potentially politically destabilizing issue, in 2001 Assad announced the creation of a US $1 billion fund to create nearly half a million jobs over the next five years.