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Home > Country Profiles > Lebanon

Country Profiles

Financial Outlook

The civil war in Syria and domestic instability weighed heavily on the Lebanese economy in 2013, with the economy estimated to have grown by just 1.5% according to a World Bank report published in January 2014. A prolonged political crisis left Lebanon without a functioning government and a paralyzed parliament unable to meet due to a lack of quorum. Najib Mikati resigned as PM in March 2013, after which it was governed by a caretaker government until the beginning of 2014.The outlook for 2014 appears even bleaker, with the number of Syrian refugees expected to reach two million, or 50% of the Lebanese population, placing a huge burden on the country. The year 2013 also saw a wave of deadly car bombings. In 2013, the public debt amounted to US$62.4 billion, an increase of 8% in one year and approaching 150% of GDP. Meanwhile, unemployment has grown to 29%, while private economists do not expect growth to exceed 2% in 2014. In February 2014 former Prime Minister Najib Mikati said that France was working toward hosting a conference to assist Lebanon’s economy, which he said had suffered US$7.5 billion in economic losses since the start of the Syrian crisis in 2011.

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Further reading on Lebanon

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