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Lebanon Economic Monitoring Note, September 2012

ACCOUNTING ADMINISTRATIVE CAPACITY ASSETS AUDITING BALANCE SHEET BANKING SYSTEM BANQUE DU LIBAN BASIS POINTS BIDS BILL BILLS BORROWING BUFFER BUSINESS CYCLE BUSINESS ENVIRONMENT CAPITAL GAINS CAPITAL INFLOWS CDS CENTRAL BANK CERTIFICATES OF DEPOSITS CHECKS CIVIL SERVICE COMMERCIAL BANK COMMERCIAL BANKS COMMODITY COMMODITY PRICES COMPETITION POLICIES COMPETITIVENESS CONSUMER PRICE INDEX CREDIT MARKET CREDITORS CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS DEBT COMPOSITION DEBT LEVEL DEBT MANAGEMENT DEBT RATIO DEBT SERVICE DEBT SWAP DEMAND DEPOSITS DEPOSITORS DEPOSITS DOMESTIC CONSUMPTION DOMESTIC DEMAND DOMESTIC INTEREST RATE DOMESTIC MARKETS ECONOMIC ACTIVITY EQUIPMENT EXCHANGE RATE EXCHANGE RATE RISK EXPENDITURE EXPENDITURES EXPOSURE EXTERNAL DEBT FINANCIAL INFLOWS FINANCIAL MANAGEMENT FINANCIAL SECTOR FINANCIAL SECTOR INDICATORS FISCAL BALANCE FISCAL DEFICIT FISCAL DISCIPLINE FISCAL POLICY FOOD PRICE FOOD PRICES FOREIGN ASSETS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN CURRENCY RESERVES FOREIGN RESERVES GENERAL EQUILIBRIUM GOVERNMENT PAPERS GOVERNMENT SPENDING GROWTH RATES HOUSEHOLDS HOUSING IMPORT IMPORTS INFLATION INFLATIONARY PRESSURES INFLOW OF CAPITAL INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INTEREST PAYMENTS INTEREST RATE INTEREST RATE PAYMENTS INTEREST RATES INTERNATIONAL INTEREST INTERNATIONAL INTEREST RATES JOB CREATION LARGE CITIES LAWS LIQUIDITY MACROECONOMIC VOLATILITY MATURITIES MATURITY MIGRATION MONETARY POLICY MONEY SUPPLY NATURAL RESOURCES OIL PRICE PENSION PETROLEUM PRICES POLITICAL UNCERTAINTY POVERTY REDUCTION PRICE INCREASE PRIVATE SECTOR CREDIT PRIVATE SECTOR GROWTH PUBLIC DEBT PUBLIC FINANCE PUBLIC INVESTMENTS PUBLIC SPENDING REAL ESTATE RECEIPTS REGIONAL SHOCKS REGISTRATION FEE REGISTRATION FEES REGULATORY AUTHORITY RESERVE RESERVE REQUIREMENTS RESERVES SLOW GROWTH SLOWDOWN SOCIAL DEMANDS SOCIAL SECURITY SOVEREIGN DEBT SOVEREIGN RISK STOCKS STRUCTURAL PROBLEM STRUCTURAL REFORMS SUPPLY CHAIN SURPLUS TAX TAX ON INTEREST INCOME TAX REFORMS TAX SYSTEM TAXATION TERM DEPOSITS TOTAL DEBT TRADE DEFICIT TRADE DEFICITS TRANSPARENCY TRANSPORT TREASURY UNEMPLOYMENT UNIONS UPWARD PRESSURE WEIGHTS
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Washington, DC
Middle East and North Africa | Lebanon
2017-06-13T15:45:49Z | 2017-06-13T15:45:49Z | 2012-09

The stalemate between domestic political forces continues to impede reforms while the ongoing Syrian conflict is imposing a security, political, and economic toll on Lebanon. The stalemate in the executive and legislative branches of government remains an impediment to reforms. Important bills, regulations and appointments are still pending in cabinet and Parliament. This deadlock could well last until the June 2013 Parliamentary elections. The Syrian crisis is fueling political divide among sectarian lines in Lebanon, leading to sporadic violence incidents across the country. These incidents have materially impacted the economy, with sectors such as tourism strongly affected. Politically, the turmoil has sparked social unrest and overshadowed the reform drive. To tackle the situation, the government devised a minimum political understanding to restore order in the country. Political backing for a large security operation has also been given; results have yet to fully materialize. The fiscal deficit and public debt positions remain major challenges for the Lebanese economy. The fiscal deficit deteriorated somewhat during the first half of the year. Notwithstanding this slight widening of the fiscal balance, public debt continues its recent downward trend. Rising international commodity prices and the Syrian crisis are adding further pressure on both trade and current account deficits.

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