Lebanon Economic Monitor, Fall 2014
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Washington, DC
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A new domestic political stalemate has
developed while spillovers from the Syrian conflict further
exacerbated. A mid-year lull in the security situation gave
a temporary boost to consumer and investor sentiment.
Lebanon’s current account deficit remains elevated, albeit
lower than during the pre-crisis period. Lebanon’s fiscal
position continues to deteriorate. Banque du Liban
maintained an expansionary monetary stance to support the
economy, while sustaining confidence in the Lebanese pound.
Conservatism in financial regulations and private sector
banking helped maintain a well-capitalized and resilient
domestic banking sector, despite sluggish growth and
downgrades by international rating agencies. The expanding
political stalemate at home and regional spillovers pose
significant downside risk to growth. The Lebanon economic
monitor provides an update on key economic developments and
policies over the past six months. It also presents findings
from recent World Bank work on Lebanon. It places them in a
longer-term and global context, and assesses the
implications of these developments and other changes in
policy on the outlook for Lebanon.
Palabras clave
LIVING STANDARDS, FUNDING SOURCE, MONETARY POLICY, RISKS, FINANCIAL SERVICES, DEPOSIT, POVERTY LINE, DEPOSITS, PEOPLE, PROTECTION POLICIES, SKILLED WORKERS, FINANCING, VILLAGE, INFORMATION SYSTEM, INCOME, INTEREST, LOAN-TO-DEPOSIT RATIO, EMPLOYMENT OPPORTUNITIES, INTEREST RATE, ECONOMIC DEVELOPMENTS, SOCIAL SAFETY NET, PUBLIC SERVICES, INEQUALITIES, POLITICAL ECONOMY, EXCLUSION, REVENUES, BANK DEPOSIT, FISCAL POLICY, LIQUIDITY RISK, WELFARE, LOAN, FEE, SUBSIDY, MEANS TESTS, SOCIAL PROGRAMS, PAYMENTS, SOCIAL ASSISTANCE, LABOR MARKET POLICIES, BENEFICIARIES, CONFLICT, MEASURES, SAFETY NETS, POVERTY REDUCTION, EXPATRIATES, ECONOMIC ACTIVITY, LABOR MARKET, SAVINGS, INCIDENCE ANALYSIS, JOB OPPORTUNITIES, CURRENT ACCOUNT, CAPITAL FORMATION, VULNERABLE HOUSEHOLDS, FOREIGN CURRENCIES, SCHOLARSHIPS, INTEREST RATES, TRANSFERS, JOB LOSS, DEBT, PRIVATE INVESTMENT, DEVELOPMENT CENTERS, SOCIAL SECURITY, SOCIAL PROTECTION, VENTURE CAPITAL, LOANS, ENTERPRISES, CASH BENEFITS, HOSPITAL SERVICES, PRICE SUBSIDIES, ELIGIBLE BENEFICIARIES, SOCIAL DEVELOPMENT, CASH TRANSFERS, SUBSIDIES, REAL ESTATE, FINANCE, FOREIGN CURRENCY, VOUCHER, INTERNATIONAL AID, CONSUMER CONFIDENCE, FISCAL DEFICIT, BANKS, EXPENDITURE, UNIVERSAL SUBSIDIES, UNEMPLOYMENT, EQUITY, GRANT, SOCIAL SAFETY NETS, HEALTH BENEFITS, HUMAN CAPITAL, SSN, SOCIAL SPENDING, BENEFIT LEVELS, INTEREST PAYMENTS, FOOD SECURITY, CAPITAL, SOCIAL SERVICES, FEE WAIVERS, SCHOOL ATTENDANCE, BANK, FOOD ASSISTANCE, CREDIT, FIXED CAPITAL, TREASURY BILLS, DISABLED PERSONS, SAFETY NET, URBAN AREAS, HOUSEHOLD, EXPENDITURES, SOCIAL ACTION, REFUGEE, PROPERTIES, JOB CREATION, MALNUTRITION, MEANS TESTING, REFUGEES, VOUCHERS, BALANCE SHEET, NUTRITION, PUBLIC WORKS, VULNERABLE PEOPLE, DIVERSIFICATION, SKILLED LABOR, PROFITABILITY, CREDIT RISK, INSURANCE, FOOD INSECURITY, TARGETING, PUBLIC RESOURCES, SECURITY, BUSINESS ACTIVITY, FINANCIAL MARKET, INVESTMENT, EXTREME POVERTY, COMMERCIAL BANKS, HOUSEHOLDS, POVERTY, FINANCIAL MARKETS, TARIFF, CONDITIONAL CASH, REVENUE, LABOR SUPPLY, PUBLIC SCHOOLS, STUDENTS, INVESTMENTS, CAPITAL FLOW, POOR, EXCHANGE RATE, FOOD VOUCHERS, FAMILIES, RISK AVERSION, OUTREACH, SHOCK, BUDGETARY ALLOCATION, LABOR MARKETS, PUBLIC SERVICE, JOBLESS, SOCIAL WORKERS, UNSKILLED LABOR, PRICE SUBSIDY, GROUPS OF PEOPLE, START-UPS, DISABLED, GOVERNMENT INTERVENTION, INEQUALITY