Why Lebanon is still faring pretty well?
Why Lebanon fared well during the Global Financial Crisis? A question
is expected to be answered in on of the most important sessions in
Planet Lebanon 2010 conference.
Planet Lebanon 2010 is the manifestation of new visions, old hopes
and genuine desire for a brand new Lebanon. It is our sincere wish
that through providing a place for the creation and development of
Arab-international ties, we may play a decisive part in rebuilding our
national economy, and paving the way to unprecedented heights.
Amoung the tope of Keynote speakers the session will host Dr. Joseph
Tarabay, Chairman of the Association of Lebanese Banks. And H.E.M.
Riad SALAME, Governor of the Central Bank of Lebanon.
The session will discuss the stabilizing features of the Banking sector
and its challenges in supplementing stronger growth in the country.
As you all know, growth in Lebanon in 2010 is predicted by the IMF
and several other institutions, such as private banks working in
Lebanon, to be between 6 and 7 percent. That is a pretty good number
for this year, especially since we are still in a global financial crisis.
There are many reasons why Lebanon is still faring pretty well
compared to other countries. The one essential factor this year was
that there has been some kind of stability in political terms and also on
the security front. We had a very good tourist season with a lot of
Lebanese immigrants and international visitors coming in.
You also have to add that, due to the stable financial system and the
stable banking system in Lebanon, we still have very good inflows
coming in. The balance of payments surplus now is almost $3.3 billion
for the first seven months of the year. This is double the surplus posted
in the same period last year. This mostly comes from petrodollar-rich
Gulf countries, where many Gulf investors are still looking to Lebanon
as a destination for their investments. Unfortunately most of this is still
going to real estate investments and major real estate compounds;
although they are good for the Lebanese economy, in the long run
they create a certain crowding out of other activities like agriculture
and industry.
Warm regards,
Nassib Fawaz (Founding president LIBC)
