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Home > Country Profiles > Lebanon

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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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