Syrian economic analyst Ziad Ghosn penned an incisive critique of the government’s economic management and fiscal policies in a recent article. He castigates the government’s penchant for simplistic revenue-generating strategies, such as indiscriminate price hikes on goods and services, which he argues overlook the detrimental impacts on both the economy and citizens, including inflation and heightened living costs. Ghosn laments the shortsightedness of such policies and their disregard for long-term economic health.
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The article sheds light on the underwhelming performance of public sector economic institutions, which, despite being touted as vital revenue sources, have consistently failed to deliver anticipated fiscal surpluses. This discrepancy, Ghosn asserts, exposes a penchant for presenting an overly optimistic economic facade while concealing the lacklustre actual performance of these institutions.
Moreover, Ghosn highlights how government-imposed restrictions, such as requiring approval from the Ministry of Finance for investment projects, have hampered these institutions’ ability to meet their financial objectives. He emphasizes the adverse effects of such bureaucratic hurdles on their financial autonomy and efficacy.
Addressing the chasm between fiscal plans and execution, the article underscores the dismal implementation rates of certain public institutions, signalling an urgent need for comprehensive reform within the industrial public sector to bolster treasury revenues.
In conclusion, Ghosn raises doubts about the government’s commitment to recent initiatives aimed at overhauling the public sector, citing a new law targeting enhanced management and governance of public shareholding companies as a potential step forward. However, he expresses skepticism regarding the government’s capacity to enact meaningful reforms, given its track record of administrative inertia and a dearth of systematic, evidence-based planning and implementation strategies.
This article was translated and edited by The Syrian Observer. The Syrian Observer has not verified the content of this story. Responsibility for the information and views set out in this article lies entirely with the author.
