Syria has a long development journey ahead of it before it can reach the level of advanced economies elsewhere. Attracting external capital offers a way of accelerating the catch-up process.
However, one of the ways in which Syria and other countries have struggled is in their poor levels of constitutional compliance. Foreign investors feel much safer parting with their capital when there are clear rules that host governments adhere to.
One of the reasons that US President Donald Trump is excited about the prospect of appending Greenland to the US is that it is rich in untapped resources yearning for a capital injection. In Syria, too, a well-designed wave of investment into the nation’s resource base can potentially yield astronomical returns.
Syria also has high educational levels, making it well-positioned to benefit from the influx of cutting-edge technology that foreign direct investment can facilitate.
The country’s economic woes are a complex, multidimensional problem that has attracted the attention of the scholarly community. A recent study by University of Warsaw economists Anna Lewczuk and Katarzyna Metelska-Szaniawska contributes to our understanding by focusing on one perennial contributor to low FDI and, hence, low living standards: poor levels of constitutional compliance.
Social scientists have identified several distinct economics-related functions served by constitutions. Perhaps the most important is that constitutions help overcome short-term thinking by politicians charged with drafting and implementing economic policy. In particular, constitutions typically involve the explicit separation of powers, they enshrine the independence of the judiciary, and they impose limits on the budgetary discretion of rulers.
Together, these elements make it much less likely that an economic tsar will succumb to the temptation of personally enriching, but economically damaging, actions such as expropriating investors or printing money.
Beyond this, constitutions that are ratified by the population at large provide governments with legitimacy in exercising its functions, greatly enhancing its effectiveness in the economic domain. Critical tasks such as collecting taxes, enforcing contracts and building infrastructure become cheaper and progress more efficiently when the government’s actions are embedded in a constitution that people acknowledge and embrace.
Finally, when national-level conflicts that threaten economic stability inevitably arise, constitutions can be highly effective in defusing that conflict.
Accordingly, many countries have seen the adoption of a constitution go hand-in-hand with extended periods of economic prosperity, most notably Germany and Japan in the latter half of the 19th century. Today, countries such as Malta and Singapore enjoy high living standards partially due to the investment-attracting properties of their constitutions. Foreign investors feel safe that their property rights won’t be violated, and that the economy will be managed prudently by governments that are shielded from the myopic thinking that typifies most countries without a constitution.
There is little doubt that, going forward, Syria needs a constitution that represents the interests of all its citizens. But what is just as important as adopting a constitution is actually adhering to it.
Using an open database created by the University of Hamburg scholar Dr Jerg Gutmann and his colleagues, Dr Lewczuk and Dr Metelska-Szaniawska empirically analyse the relationship between economic performance and constitutional compliance. The authors find a clear, positive association, and they attribute this to the aforementioned mechanisms linking constitutions to the economy.
Unfortunately for Syria, it is a poor performer globally in terms of constitutional compliance, according to the database. Foreign capital holders are understandably reluctant to invest in economies where the government feels unconstrained by the constitution, as this often serves as an indicator that investors’ interests could be illegally disregarded at any point.
The consequences can be seen in Syria’s FDI data between 1972, shortly after Hafez Al Assad took over as president, and 2010, in the months before civil war broke out in the country. The level of FDI inflows as a percentage of its gross domestic product exceeded the global average in only two years – 1994 and 2009 – falling slightly or considerably short in the remaining 37 years.
No data is available from 2011 onwards, but it can be assumed that the civil war caused a collapse in inward capital flows in the years since. With much of the country’s infrastructure destroyed, the need for foreign capital is especially acute, affirming the importance of addressing potential barriers to FDI.
As a new global order gradually emerges, and novel economic paradigms displace traditional ones, Syria has an opportunity to reassert itself on the global stage if it implements the right economic reforms.
While many changes are needed for the country to fulfil its potential, understanding the relationship between politics and economics holds the key to solving many of its problems, including the lack of FDI. In this regard, ratifying a new constitution and ensuring high levels of its compliance would be a necessary place to start for the new government in Damascus.
THE%20SPECS
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Squads
Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa
India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh
COMPANY%20PROFILE%20
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'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
Company%20Profile
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UAE currency: the story behind the money in your pockets
ZAYED SUSTAINABILITY PRIZE
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Red Joan
Director: Trevor Nunn
Starring: Judi Dench, Sophie Cookson, Tereza Srbova
Rating: 3/5 stars
Results
4pm: Maiden; Dh165,000 (Dirt); 1,400m
Winner: Solar Shower; William Lee (jockey); Helal Al Alawi (trainer)
4.35pm: Handicap; Dh165,000 (D); 2,000m
Winner: Thaaqib; Antonio Fresu; Erwan Charpy.
5.10pm: Maiden; Dh165,000 (Turf); 1,800m
Winner: Bila Shak; Adrie de Vries; Fawzi Nass
5.45pm: Handicap; Dh175,000 (D); 1,200m
Winner: Beachcomber Bay; Richard Mullen; Satish Seemar
6.20pm: Handicap; Dh205,000 (T); 1,800m
Winner: Muzdawaj; Jim Crowley; Musabah Al Muhairi
6.55pm: Handicap; Dh185,000 (D); 1,600m
Winner: Mazeed; Tadhg O’Shea; Satish Seemar
7.30pm: Handicap; Dh205,000 (T); 1,200m
Winner: Riflescope; Tadhg O’Shea; Satish Seemar.
Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
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Specs
Price, base: Dhs850,000
Engine: 3.9-litre twin-turbo V8
Transmission: Seven-speed automatic
Power: 591bhp @ 7,500rpm
Torque: 760Nm @ 3,000rpm
Fuel economy, combined: 11.3L / 100km
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
COMPANY%20PROFILE%20
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Ain Dubai in numbers
126: The length in metres of the legs supporting the structure
1 football pitch: The length of each permanent spoke is longer than a professional soccer pitch
16 A380 Airbuses: The equivalent weight of the wheel rim.
9,000 tonnes: The amount of steel used to construct the project.
5 tonnes: The weight of each permanent spoke that is holding the wheel rim in place
192: The amount of cable wires used to create the wheel. They measure a distance of 2,4000km in total, the equivalent of the distance between Dubai and Cairo.
COMPANY%20PROFILE
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Racecard
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Other key dates
-
Finals draw: December 2
-
Finals (including semi-finals and third-placed game): June 5–9, 2019
-
Euro 2020 play-off draw: November 22, 2019
-
Euro 2020 play-offs: March 26–31, 2020
What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
OIL PLEDGE
At the start of Russia's invasion, IEA member countries held 1.5 billion barrels in public reserves and about 575 million barrels under obligations with industry, according to the agency's website. The two collective actions of the IEA this year of 62.7 million barrels, which was agreed on March 1, and this week's 120 million barrels amount to 9 per cent of total emergency reserves, it added.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
Paris Can Wait
Dir: Eleanor Coppola
Starring: Alec Baldwin, Diane Lane, Arnaud Viard
Two stars
Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
RESULTS
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea
Read more from Aya Iskandarani
