This Syria Economic Monitor leverages innovative alternative and remote-based data sources to analyze recent economic developments in a nation still grappling with the most deadly and one of the most protracted conflicts in recent history. Throughout 2023, Syria's dire economic situation continued to worsen, exacerbated by multiple overlapping shocks, including the February earthquakes, and increased fighting since September, which brought annual fatalities to a four-year high and triggered a fresh wave of internal displacement. Furthermore, the Middle East conflict has spilled over Syria's borders, marked by repeated Israeli airstrikes since October 2023, resulting in fatalities and extensive damage to civilian infrastructure. The report also provides an assessment of the captagon trade in Syria, which may have become the most valuable sector of the country's economy. Syria's protracted economic contraction is forecast to persist in 2024 due to a multitude of challenges stemming from conflicts both within Syria and across the region.