Business Listing of Index of Economic Freedom Lebanon
Index of Economic Freedom Lebanon
Country: Lebanon
Business Detailed information about trade policy in Lebanon, fiscal burden of government, government intervention in the economy, monetary policy, capital flows and more.
LebanonRank:73Score: 3.00Category: Mostly UnfreePrinter-Friendly Version (PDF)EnglishSpanish Quick StudyTrade Policy3Fiscal Burden2.0Government Intervention3.0Monetary Policy1Foreign Investment4.0Banking and Finance2.0Wages and Prices3.0Property Rights4.0Regulation4.0Informal Market4.0Population: 4,497,669Total area: 10,400 sq. kmGDP: $17.65 billionGDP growth rate: 2.7%GDP per capita: $3,925Major exports: food products, jewelry, chemical products, metal productsExports of goods and services: $2.9 billionMajor export trading partners: Switzerland 11.0%, United Arab Emirates 10.1%, Saudi Arabia 7.6%, US 7.4%Major imports: food products, vehicles, mineral products, chemical productsImports of goods and services: $7.6 billionMajor import trading partners: France 13.5%, Germany 11.8%, Italy 10.8%, US 4.5%Foreign direct investment (net): $246.5 million2003 Data (in constant 2000 US dollars)Lebanon gained its independence from France in 1943 and developed one of the Middle Easts most advanced economies as a trading center and financial hub. With a thriving international banking sector, it was known as the Switzerland of the Middle East until its disastrous 1975–1990 civil war. Syria intervened, ostensibly to tamp down the fighting, and established a stranglehold on Lebanese politics. The cost of rebuilding the countrys war-torn infrastructure and chronic fiscal deficits pushed public debt to 190 percent of GDP by the end of 2004. In response, the government adopted a fiscal adjustment program focusing on tax reforms, privatization, and improved debt management. However, Prime Minister Rafiq Hariris plans for economic reform were frustrated by opposition from pro-Syrian President Emile Lahoud. Hariri resigned as prime minister in 2004, and his February 2005 assassination, which many Lebanese suspect was orchestrated by Syria, ignited a popular revolt against the presence of Syrian troops. Lebanese demonstrations and the threat of U.N. sanctions led Syria to withdraw its troops in April 2005. Political uncertainty has shaken confidence in the economy. Lebanons trade policy and fiscal burden of government scores are both 0.5 point better this year. As a result, Lebanons overall score is 0.1 point better this year.Trade PolicyScore: 3.0The World Bank reports that Lebanons weighted average tariff rate in 2002 (the most recent year for which World Bank data are available) was 6.3 percent. (The World Bank has revised the figure for 2002 downward from the 8 percent reported in the 2005 Index.) According to the U.S. Department of Commerce, The import and export of goods is subject to a number of trade barriers imposed by ten Lebanese government state bodies. Measures include prohibitions, licenses, quotas, visas, veterinary certificates, and phytosanitary certificates. Corruption is also a problem. Based on the lower tariff rate, as well as a revision of the trade factor methodology, Lebanons trade policy score is 0.5 point better this year.Fiscal BurdenScore:
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