Concept

Economy of Lebanon

Summary
The economy of Lebanon has been experiencing a large-scale multi-dimensional crisis since 2019, including a banking collapse, a liquidity crisis and a sovereign default. It is classified as a developing, lower-middle-income economy. The nominal GDP was estimated at 19 billion in 2020, with a per capita GDP amounting to 2,500. In 2018 government spending amounted to $15.9 billion, or 23% of GDP. The economy significantly expanded after the 2006 Lebanon War, with growth averaging 9.1% between 2007 and 2010. After 2011, the local economy was affected by the Syrian civil war, growing by a yearly average of 1.7% on the 2011–2016 period and by 1.5% in 2017. In 2018, the size of the GDP was estimated to be $54.1 billion. Lebanon is the third-highest indebted country in the world in terms of debt-to-GDP ratio. As a consequence, interest payments consumed 48% of domestic governmen
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