Product Description
Lebanon, a historic trading hub throughout the ages, is rapidly developing into an international business center with a solid service-orientated economy, strong banking and tourism sectors, and a dynamic real estate environment. The country recorded robust growth rates throughout the global economic crisis, continuing to develop in its own laissez-faire style, and managing to attract increased FDI. GDP grew at a rate of 7% in 2009-10 to reach $58.65 billion, with per capita GDP increasing year-on-year from $13,300 to hit $14,200 in 2010. The services sector constitutes 79% of total GDP, with industry representing 15.9%, and agriculture 5.1%. In order to further strengthen the country’s status as a business hub for the region, investments are needed to upgrade the country’s infrastructure and electricity network, so as to enhance the attractiveness of Lebanon as a major tourist destination and trade centre in the region. FDI is unhindered thanks to the country’s open foreign exchange market and unrestricted repatriation of capital, all working to bolster Lebanon’s bank-led finance sector.