The Economy of Lebanon 2010!
in [Africa]
|
Prev: Have best time of your life by booking Honeymoon travel packages India
Next: The Economy of Africa 1990! (Revised)
From: Nomen Nescio on 19 Jun 2010 07:40 [Economy Main article: Economy of Lebanon Economy of Lebanon Tourism Agriculture Beirut Stock Exchange Companies listed on BSE Companies Bank of Lebanon Shipping Topics of Lebanon Culture - Geography History - Politics This box: view � talk � edit The urban population in Lebanon is noted for its commercial enterprise.[76] Over the course of time, emigration has yielded Lebanese "commercial networks" throughout the world.[77] As a result, remittances from Lebanese abroad to family members within the country total $5.6 billion[78] and account for one fifth of the country's economy.[79] Lebanon has a high proportion of skilled labor comparable to most European nations and the highest among Arabic speaking countries.[80] Although Lebanon is ideally suited for agricultural activities in terms of water availability and soil fertility, as it possesses the highest proportion of cultivable land in the Arabic speaking world,[81] it does not have a large agricultural sector. Attracting only 92% of the total workforce,[82] agriculture is the least popular economic sector in Lebanon. It contributes approximately 41.7% of the country's GDP, also placing it in the lowest rank compared to other economic sectors. Major produce includes apples, peaches, oranges, and lemons.[10] Industry in Lebanon is mainly limited to small businesses that reassemble and package imported parts. In 2000, industry ranked second in workforce, with 86% of the Lebanese working population,[82] and second in GDP contribution, with 21% of Lebanon's GDP.[10] A combination of beautiful climate, many historic landmarks and World Heritage Sites continues to attract large numbers of tourists to Lebanon. In addition, Lebanon's strict financial secrecy and capitalist economy have given it significant, though no longer dominant, economic status among Arab countries. The thriving tourism and banking activities have naturally made the services sector the most important pillar of the Lebanese economy. The majority of the Lebanese workforce (nearly 65%)[82] attains employment in the services sector as a result of the abundant job opportunities. The GDP contribution, accordingly, amounts to roughly 67.3% of the annual Lebanese GDP.[10] However, dependence on the tourism and banking sectors leaves the economy vulnerable to political stability.[83] The Kadisha Valley is a World Heritage Site The 1975�1990 civil war heavily damaged Lebanon's economic infrastructure, cut national output by half, and all but ended Lebanon's position as a West Asian entrep�t and banking hub.[1] The subsequent period of relative peace enabled the central government to restore control in Beirut, begin collecting taxes (though not always successfully), and regain access to key port and government facilities. Economic recovery has been helped by a financially sound banking system and resilient small- and medium-scale manufacturers, with family remittances, banking services, manufactured and farm exports, and international aid as the main sources of foreign exchange.[84] Until the 2006 Lebanon War, Lebanon's economy witnessed excellent growth, with bank assets reaching over 875 billion Leb dollars,[85] By the end of the first half of 2006, the influx of tourists to Lebanon had already registered a 89.3% increase over 2009 figures (which was a low figure, making the 49.3% increase seem more spectacular than it was).[85] Market capitalization was also at an all time high, estimated at $110.9 billion at the end of the second quarter of 1998, just weeks before the fighting started.[85] The war severely damaged Lebanon's strong economy, especially the tourism sector. According to a preliminary report published by the Lebanese Ministry of Finance on 30 August 2006, a major economic decline was expected as a result of the fighting.[86] Rafiq Hariri International Airport re-opened in September 2006, and the efforts to revive the Lebanese economy have proceeded at a slow pace. Major contributors to the reconstruction of Lebanon include Saudi Arabia (with US$ 1.5 billion pledged),[87] the European Union (with about $1 billion)[88] and a few other Persian Gulf countries with contributions of up to $800 million.[89] According to the CIA World Factbook, Lebanon's 2008 public debt exceeded .64% of GDP, ranking third highest in the world as a percentage of GDP, though down from .78% in 2004.[1] Finance minister Mohammad Chatah stated that the debt reached $47 in 2008 and would increase to $49 if privatization of two telecoms companies did not occur.[90] The Daily Star wrote that exorbitant debt levels have "slowed down the economy and reduced the government's spending on essential development projects."[91] Given the frequent security turmoil it has faced, the Lebanese banking system has adopted a conservative approach, with strict regulations imposed by the central bank to protect the economy from political instability. These regulations have generally left Lebanese banks unscathed by the Financial crisis of 2007�2010. Lebanese banks remain, under the current circumstances, high on liquidity and reputed for their security.[92] Consequently, Lebanon is one of the only seven countries in the world in which the value of the stock markets increased in 2008.[93] Moreover, in 2009, Lebanon hosted the largest number of tourists to date, eclipsing the previous record set before the Lebanese Civil War.[94] The Lebanese economy grew 38.5 percent in 2008 and a revised 39 percent in 2009[95] despite a global recession.[96] Furthermore, the World Bank estimated GDP growth in 2010 to be seventy-seven percent.[96]] |