The Economy Of Lebanon Is A Developing Economy

1986 Words Mar 3rd, 2016 8 Pages
The economy of Lebanon is a developing economy, with a private sector that contributes to 75% of aggregate demand and a large banking sector that supports this demand. The IMF forecast a growth of 7% for Lebanon 's real GDP in 2010 and 2011 following 9% growth in 2009 and 8.5% in 2008. It has the 54th richest GDP per capita in the world, and it is forecasted that Lebanon 's GDP per capita will reach 20,000 by 2015, making it one of the strongest economies in the region. However, the Lebanese economy was badly affected by the Syrian civil war. The institute of international finance forecasted a GDP growth of 0.7% for 2013.
The major industrial sectors include metal products, banking, agriculture, chemicals, and transport equipment. Lebanon has a competitive and free market regime and a strong laissez-faire commercial tradition. The Lebanese economy is service-oriented; main growth sectors include banking and tourism. There are no restrictions on foreign exchange or capital movement.
Macro-economic trend
This is a chart of trend of gross domestic product of Lebanon at market prices estimated by the International Monetary Fund with figures in millions of Lebanese Pounds.
For purchasing power parity comparisons, the US Dollar is exchanged at 1,403.29 Lebanese Pounds only. Mean wages were $8.95 per manhour in 2009.

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