Economy

As Santa prepares to make his annual descent down chimneys around the world and 2025 draws to a close, global financial markets present a picture that would have seemed implausible — if not outright impossible — at the beginning of the year. Most major equity indices are ending the year at, or near, all-time highs, marking a third consecutive year of exceptional performance. In the United States, the benchmark S&P 500 Index is up approximately 17% at the time of writing, following gains of 23% in 2024 and 24% in 2023. This represents a cumulative advance of roughly 77% over three years — and an extraordinary rise of more than 1,000% since the beginning of the secular bull market in March 2009.

Under the effect of American sanctions, restrictions imposed by the Banque du Liban, and losses sustained during the last war with Israel, Hezbollah has sought to reconfigure its main financial arm, Al-Qard Al-Hassan. This “repositioning,” presented as “legal,” aims to preserve its grip on the parallel economy and its social base. Founded in 1982, the Qard Al-Hassan association operates outside the legal banking framework. Iranian funds initially contributed to the association's capital. These were supplemented by Lebanese capital, particularly from entrepreneurs in Africa, over several years. According to the US Treasury Department, which listed Qard Al-Hassan in 2007 on its list of sanctioned entities and then strengthened these sanctions in 2021, this association manages financial volumes comparable to those of a medium-sized bank, while escaping all official supervision.

For the past two years, investors have watched gold and silver climb relentlessly — at times with disbelief. Since December 2023, gold has more than doubled, rising from roughly $2,000 to around $4,300, while silver has surged from about $26 to $63, with momentum accelerating sharply in the second half of 2025. If current levels hold into year-end, both metals are on track to register their strongest annual performance since 1979 — the opening chapter of the last great precious-metals cycle. And the “shiny metals” have not been alone. Platinum and palladium have also rallied sharply, copper is up roughly 50%, and a broad range of strategic minerals is enjoying a banner year.

On December 7, 2025, Emmanuel Macron did something no European leader had openly done in three decades of carefully managed relations with Beijing: he spoke plainly. Hours after returning from his fourth official visit to China, the French president stated in an interview with Les Échos that Europe’s trade relationship with China had become “unsustainable.” China, he warned, was “killing its own customers.” European industry, he said, was facing a question of “life or death.” This was not the language of diplomacy. It was the language of strategic alarm. For thirty years, Europe had wrapped its relationship with China in carefully chosen euphemisms: strategic partnership, mutually beneficial trade, win-win cooperation. Macron’s words marked a rupture. They acknowledged what had long been visible in the data but absent from political discourse: Europe has become the adjustment variable in a global economic system increasingly shaped by Chinese overcapacity and American protectionism.

In our two previous articles, we examined Syria’s various assets as well as the numerous challenges it faces. Since the fall of Bashar al-Assad’s regime, the country has entered a new era, bringing with it huge opportunities. The formation of a new government led by Ahmad al-Charaa, and Donald Trump’s announcement of the lifting of U.S. sanctions, has triggered Syria’s reconstruction. Since then, donations, investments, and capital have poured into the country. It is therefore worth looking at the sectors that would benefit most from these capital inflows and the impact they could have on Syria’s future economic development.

In our previous article, we explored Syria’s various economic assets. Thanks to its fertile land and strategic location, Damascus holds major—yet largely untapped—economic potential. Moreover, the fall of Bashar al-Assad’s regime in December 2024, the rise of Ahmad al-Shareh to power, the lifting of U.S. and European sanctions, and the Syrian-Saudi summit held in July 2025 have launched a new dynamic of reconstruction and reintegration into the Arab sphere and international trade. But not everything is rosy in post-Assad Syria, and many challenges still lie ahead. Security The new leadership’s first and enduring challenge remains security. After more than 13 years of civil war, during which sectarian and ethnic factions fought relentlessly, the country is still plagued by sectarian-driven unrest, particularly along the coast and in Sweida. Added to this are recurring clashes along the Lebanese border with groups affiliated with Hezbollah, as well as Israeli airstrikes.

On December 8, 2024, the regime of Bashar al-Assad fell in Syria. After more than fifty years of bloody dictatorship and thirteen years of civil war that left more than 600,000 dead and displaced more than a quarter of the population, a new wind is blowing across Syria, bringing with it a wave of optimism. As in every country left in ruins after a civil war, in Syria, everything needs to be rebuilt. Thanks to its geographical location, its wealth of natural resources, and the support of the Gulf states, the new Syria of Ahmad el-Sharaa presents numerous opportunities. But at the same time, the country must face many challenges, particularly in terms of security and socio-political stability.