Lebanon

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Lebanon - In Short.

Overview of Lebanon

Following World War I, France acquired a mandate over the northern portion of the former Ottoman Empire province of Syria. The French demarcated the region of Lebanon in 1920 and granted this area independence in 1943. Since independence, the country has been marked by periods of political turmoil interspersed with prosperity built on its position as a regional center for finance and trade. The country’s 1975-90 civil war, which resulted in an estimated 120,000 fatalities, was followed by years of social and political instability. Sectarianism is a key element of Lebanese political life. Neighboring Syria has historically influenced Lebanon’s foreign policy and internal policies, and its military occupied Lebanon from 1976 until 2005. The Lebanon-based Hizballah militia and Israel continued attacks and counterattacks against each other after Syria’s withdrawal, and fought a brief war in 2006. Lebanon’s borders with Syria and Israel remain unresolved.
Value
Country Full Name
Lebanon
Country Code
LBN
Region
Middle East & North Africa
Income Group
Upper middle income
Currency Unit
GDP
31735217785
Population
6825442
Land Area
10230
Net National Income Per Capita
3586.598928
GDP per Capita (PPP)
12118.57336

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Lebanon - Economic

Economy of Lebanon

Lebanon has a free-market economy and a strong laissez-faire commercial tradition. The government does not restrict foreign investment; however, the investment climate suffers from red tape, corruption, arbitrary licensing decisions, complex customs procedures, high taxes, tariffs, and fees, archaic legislation, and inadequate intellectual property rights protection. The Lebanese economy is service-oriented; main growth sectors include banking and tourism.The 1975-90 civil war seriously damaged Lebanon’s economic infrastructure, cut national output by half, and derailed Lebanon’s position as a Middle Eastern banking hub. Following the civil war, Lebanon rebuilt much of its war-torn physical and financial infrastructure by borrowing heavily, mostly from domestic banks, which saddled the government with a huge debt burden. Pledges of economic and financial reforms made at separate international donor conferences during the 2000s have mostly gone unfulfilled, including those made during the Paris III Donor Conference in 2007, following the July 2006 war. The “CEDRE” investment event hosted by France in April 2018 again rallied the international community to assist Lebanon with concessional financing and some grants for capital infrastructure improvements, conditioned upon long-delayed structural economic reforms in fiscal management, electricity tariffs, and transparent public procurement, among many others.The Syria conflict cut off one of Lebanon’s major markets and a transport corridor through the Levant. The influx of nearly one million registered and an estimated 300,000 unregistered Syrian refugees has increased social tensions and heightened competition for low-skill jobs and public services. Lebanon continues to face several long-term structural weaknesses that predate the Syria crisis, notably, weak infrastructure, poor service delivery, institutionalized corruption, and bureaucratic over-regulation. Chronic fiscal deficits have increased Lebanon’s debt-to-GDP ratio, the third highest in the world; most of the debt is held internally by Lebanese banks. These factors combined to slow economic growth to the 1-2% range in 2011-17, after four years of averaging 8% growth. Weak economic growth limits tax revenues, while the largest government expenditures remain debt servicing, salaries for government workers, and transfers to the electricity sector. These limitations constrain other government spending, limiting its ability to invest in necessary infrastructure improvements, such as water, electricity, and transportation. In early 2018, the Lebanese government signed long-awaited contract agreements with an international consortium for petroleum exploration and production as part of the country’s first offshore licensing round. Exploration is expected to begin in 2019.

Unemployment Rate

Inflation Rate

Lebanon - GDP Composition

GDP Composiiton & Value Added of Lebanon

Last Updated: Jan, 2021, Updated For 2020.

Lebanon - GDP, Value Added

Demographics of Lebanon

the majority of the people live on or near the Mediterranean coast, and of these most live in and around the capital, Beirut; favorable growing conditions in the Bekaa Valley, on the southeastern side of the Lebanon Mountains, have attracted farmers and thus the area exhibits a smaller population density
Geographic Location

Middle East, bordering the Mediterranean Sea, between Israel and Syria

Races

Arab 95%, Armenian 4%, other 1%note: many Christian Lebanese do not identify themselves as Arab but rather as descendants of the ancient Canaanites and prefer to be called Phoenicians

Languages

Arabic (official), French, English, Armenianmajor-language

Religion

Muslim 67.8% (31.9% Sunni, 31.2% Shia, smaller percentages of Alawites and Ismailis), Christian 32.4% (Maronite Catholics are the largest Christian group), Druze 4.5%, very small numbers of Jews, Baha'is, Buddhists, and Hindus (2020 est.)note: data represent the religious affiliation of the citizen population (data do not include Lebanon's sizable Syrian and Palestinian refugee populations); 18 religious sects recognized

Dependency & Expectancy of Lebanon

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Lebanon - Social Media Briefing

Lebanon - Social Media & Social Commerce

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Politics & Policies of Lebanon

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ABEDA, AFESD, AMF, CAEU, FAO, G-24, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICRM, IDA, IDB, IFAD, IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol, IOC, IPU, ISO, ITSO, ITU, LAS, MIGA, NAM, OAS (observer), OIC, OIF, OPCW, PCA, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNRWA, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO (observer)

Import of Lebanon

Export of Lebanon

Import Destination

Export Destination