Notes

Syria has been ruled by a variety of rulers, including the Egyptians, the Assyrians, the Greeks, the Romans, the Byzantines, the Umayyads, the Abbasids and the Ottomans. The modern-day boundaries of Syria were created by the Sykes-Picot Treaty of 1916. During this period, Syria was considered to have a free market economy with limited government interference. The first ever coup d'état took place in 1949 led by General Husni Zaim who lasted only 138 days. The era of Gamal Abdel-Nasser was characterized by a push towards greater socialism and away from Syria's historic free market position.

Nasser found a number of supporters in Syria among both the political and military elites. In September 1961, a military coup in Syria overturned the UAR and restored an independent government in Damascus. The Baath Party had been building a popular base in Syria since the 1940s. In June 1967, Syria and Israel fought the Six-Day War in which Syria lost the Golan Heights to Israel.

Hafez Al-Assad's government reorganized Syria's political and economic institutions. During the 1970s, state institutions such as a parliament were abolished and power was concentrated in the executive branch. The 1980s saw a drop in oil prices combined with Arab aid cuts, a shortage of foreign currency reserves, and an inefficient public sector. When Bashar Al-Assad became president in 2000, Syria's economic policy drifted more towards private enterprise. A series of legislative initiatives led to the return of private investments in the following sectors: commerce, industry, finance, insurance, real estate, education, and others.

During this period, many import restrictions were removed and international free trade agreements were signed. Relations between Syria and the West deteriorated after the 2003 invasion of Iraq and the Lebanon crisis. The country gained observer status in the World Trade Organization in 2010 but its application for membership appears to have stalled.