Damascus, July 07 (QNA) - The World Bank said on Monday that Syria's gross domestic product (GDP) is expected to grow modestly by 1 percent in 2025, following a contraction of 1.5 percent in 2024.

"The easing of sanctions provides some upside potential; however, progress remains limited as frozen assets and restricted access to international banking continue to hinder energy supply, foreign assistance, humanitarian support, and trade and investment," the World Bank said in a statement today.

For his part, Syrian Finance Minister Mohammed Yusr Barnieh emphasized that lifting sanctions is a major and important step that will have a positive impact on the Syrian economy. Meanwhile, Governor of the Central Bank of Syria Abdulqadir Al Hasriya described it as a historic opportunity to continue efforts to enhance transparency and governance of financial institutions and integrate the Syrian financial system into the international financial system.

On June 25, the World Bank approved a USD 146 million grant to improve electricity supplies and support economic recovery in Syria.

On June 30, US President Donald Trump issued an executive order converting the temporary freeze on sanctions imposed on Syria's financial and banking sector into a permanent lifting.

The executive order ends the national emergency in place with respect to Syria since 2004, which imposed comprehensive sanctions on Syria that affected most state-run institutions, including the central bank. (QNA)