Description: Exploring Lebanon's Growth Prospects

Exploring Lebanon's Growth Prospects

This policy note reviews the current determinants of gross domestic product growth in Lebanon, and proposes a strategy to accelerate such growth in the years to come. Emigration and macro-economic trends will require urgent attention to foster gro...

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Bibliographic Details
Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCOUNTING AGGREGATE DEMAND AGRICULTURE BALANCE OF PAYMENTS BANKING REGULATIONS BANKING SECTOR BANKRUPTCIES BARRIERS TO ENTRY BASIS POINTS BENCHMARK BINDING CONSTRAINT BONDS BORROWING COSTS BORROWING REQUIREMENTS BUSINESS CYCLE BUSINESS CYCLES CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MARKETS CAPITAL MARKETS DEVELOPMENT CAPITAL MOBILITY CAPITAL MOVEMENTS CAPITAL OUTFLOWS CAPITAL STOCK CENTRAL BANK CHECKS COMMERCIAL BANKS COMMERCIAL LAWS COMPETITIVENESS CONSUMER PRICE INDEX CONSUMERS CONTRACT ENFORCEMENT CURRENCY CURRENT ACCOUNT DEFICIT DEBT DEBT LEVELS DEBT OVERHANG DEBT PAYMENTS DEBT RESTRUCTURING DEBT SERVICE DEBT STOCK DEBTORS DECISION MAKING DECISION TREE DEMAND FOR CREDIT DEPOSITORS DEPOSITS DEPRECIATION OF ASSETS DEVALUATION DEVELOPING COUNTRY DEVELOPMENT ECONOMICS DISPOSABLE INCOME DOMESTIC MARKET DOMESTIC MARKETS DYNAMIC ANALYSIS ECONOMETRIC ANALYSIS ECONOMIC ACTIVITY ECONOMIC CONSTRAINTS ECONOMIC DEVELOPMENT ECONOMIC EFFICIENCY ECONOMIC EXPECTATIONS ECONOMIC FLUCTUATIONS ECONOMIC HISTORY ECONOMIC RISKS ECONOMIC SITUATION ECONOMIC TRENDS ECONOMIES OF SCALE ELASTICITY ELASTICITY OF SUBSTITUTION EMERGING ECONOMIES ENFORCEMENT OF CONTRACTS EQUILIBRIUM EQUIPMENTS EUROBOND EXCHANGE RATE EXCISE TAXES EXPENDITURE EXPENDITURES EXPORT GROWTH EXPORT PERFORMANCE EXPORTS EXPROPRIATION EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL DEVELOPMENTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SUPPORT FINANCIAL SYSTEM FISCAL POLICIES FISCAL POLICY FIXED CAPITAL FIXED COSTS FIXED INVESTMENT FORECASTS FOREIGN CAPITAL FOREIGN COMPETITION FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN DIRECT INVESTMENTS FOREIGN FUNDS FOREIGN MARKETS GDP GDP PER CAPITA GENERAL EQUILIBRIUM ANALYSIS GNP GOVERNMENT BORROWING GOVERNMENT SPENDING GROSS FIXED CAPITAL FORMATION GROSS NATIONAL PRODUCT GROWTH POTENTIAL GROWTH RATE HUMAN CAPITAL IMPERFECT COMPETITION IMPLICIT SUBSIDY INCOME INCOME LEVELS INDEBTEDNESS INFLATION INFRASTRUCTURE INVESTMENTS INSTRUMENT INTELLECTUAL PROPERTY INTEREST RATES INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL DEVELOPMENT INTERNATIONAL STANDARDS INVENTORY INVESTING INVESTMENT BANKING INVESTMENT BEHAVIORS INVESTMENT CLIMATE INVESTMENT DECISIONS INVESTMENT FINANCE INVESTMENT OPPORTUNITIES INVESTMENT RATE JUDICIAL REFORM LABOR MARKET LABOR MARKETS LACK OF COMPETITION LEGAL IMPEDIMENTS LIQUID INSTRUMENTS LIQUIDITY LOCAL CURRENCY LONG-TERM INVESTMENTS M3 MACROECONOMIC POLICIES MARGINAL COSTS MARKET FAILURE MARKET FAILURES MARKET MECHANISMS MARKET SHARE MARKET SHARES MATURITIES MATURITY MONETARY FUND MONETARY STABILITY MONEY SUPPLY MONOPOLIES OIL PRICES OPPORTUNITY COST OPTIMIZATION OUTPUT LOSSES PENSION PENSION REFORMS PENSION SYSTEM PER CAPITA INCOME PORTFOLIO PORTFOLIO PERFORMANCE POST-WAR RECONSTRUCTION PRICE LEVELS PRICE SUBSIDIES PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATE INVESTMENTS PRIVATE INVESTORS PRODUCTION COSTS PRODUCTIVE INVESTMENTS PRODUCTIVITY PRODUCTIVITY GROWTH PROPERTY RIGHTS PROTECTION OF INVESTORS PUBLIC ASSETS PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC FINANCE PURCHASING POWER REAL ESTATE COLLATERALS REAL ESTATE INVESTMENTS REAL EXCHANGE RATE REAL EXCHANGE RATES REAL GDP REAL INTEREST REAL INTEREST RATES REMITTANCES RETURN RETURNS SAVINGS SAVINGS RATE SOFT LOANS SOVEREIGN RATING SOVEREIGN RATINGS SOVEREIGN RISK STRUCTURAL CHANGE SUPPLY OF CREDIT TAX TAX POLICIES TAXATION TELECOMMUNICATIONS TOTAL FACTOR PRODUCTIVITY TRADE BALANCE TRADE LIBERALIZATION TRADING TRADING COSTS TREASURY TREASURY BILLS UNDERESTIMATES UNEMPLOYMENT UNEMPLOYMENT RATE UTILITY FUNCTION VALUE ADDED WAGES
Online Access:	http://documents.worldbank.org/curated/en/2006/06/16332766/lebanon-exploring-lebanons-growth-prospects http://hdl.handle.net/10986/13053

Description
Summary:	This policy note reviews the current determinants of gross domestic product growth in Lebanon, and proposes a strategy to accelerate such growth in the years to come. Emigration and macro-economic trends will require urgent attention to foster growth. In the absence of job opportunities, half of each Lebanese generation eventually emigrates while another fourth stays idle. Lebanon's active population is aging, its human capital is eroding, and its resident population is aging. To reverse these trends, growth needs to be accelerated to meet Lebanese economic expectations. Reviewing various possible constraints, the note concludes that fiscal imbalances and barriers to entry are most binding to economic growth. A pro-growth strategy could be articulated around fiscal stabilization and reducing barriers to investment. If synonymous with structural reforms in the pension, civil service and energy sectors, fiscal stabilization could even bring significant growth rewards, which are estimated at 0.4-0.5 percentage points of additional real GDP growth per year.

Exploring Lebanon's Growth Prospects

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