The Syrian war and the subsequent emergence and spread of the Islamic State (ISIS) captured the world’s attention and transformed the Levant in ways one could not have imagined prior to 2011. As the numbers of dead and of refugees and internally displaced kept climbing, and as families were torn apart and neighborhoods were turned into war zones, economies slumped and regional economic ties broke down. The shock of the war has changed the region in profound ways, yet no one has done a systematic evaluation of its economic effect.