The Economy Of Lebanon Is A Developing Economy - 1986 Words

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. - ! colspan 18 style background: #efefef; border-bottom: 2px solid gray; GDP - Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 - GDPShow MoreRelatedEssay about Lebanon and Globalization1763 Words   |  8 PagesCountry Case Report Lebanon INTB 3352 Long Lee â€Æ' Lebanon and Globalization Globalization was introduced to the world as a new philosophy, through which countries are shaped as a developed or developing countries. Lebanon is a country in the East Mediterranean, to its north and east it is boarded by Syria and Palestine is to its south. 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