Description: Lebanese lira hits all-time low as economic crisis deepens, Economy Of Lebanon: Explaining The Lebanese Crisis, What's the way out of Lebanon's economic crisis? | Counting the Cost, Lebanon’s economic crisis explained
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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 badl
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.
Lebanon’s currency, the lira, has lost about 95 percent of its value since the start of the country's economic meltdown in 2019. It is now trading at close to 50,000 to $1. Instead of implementing much-needed reforms, the political elite is accused of creating a confusing exchange rate system that is hurting people who rely on it the most. Al Jazeera's Zeina Khodr reports from Beirut, Lebanon. Subscribe to our channel http://bit.ly/AJSubscribe Follow us on Twitter https://twitter.com/AJEnglish Find us on Fa