Subject: OM | International Business and TradeQuestion: 3.How do you think the transition to a normal economy in Lebanon, after the war in 2006, would differ from the experiences of European countries after World War II?(Cite citations if needed) HSG =FilePage 2 of 2Home Insert Draw Design764 wordsCASE STUDY The Role of Social and Political factors in the Lebanese Economy [Compatibility Mode] - WordTell me what you want to doLayout ReferencesMailingsReview ViewHelpGrammarlyCASE STUDYThe Role of Social and Political Factors in theLebanese EconomyLebanon is a nation that tolerates and respects multiple cultures, religions, andethnicities while its economy today tries to follow its past preferences of favoring strongfiscal and monetary freedoms as well as developing a labor market that is highlyflexible.Prior to the Lebanese civil war between 1975 and 1990, the country had enjoyedrelative calm and prosperity. Tourism, agriculture, small-and medium-sizedmanufactures, education, and banking all promote a successful economy. Lebanonbecame known as the finance and banking capital of the Arab world and the "Paris ofthe Middle East." Before the war, Lebanon had a competitive and free marketenvironment and a strong laissez-faire commercial tradition. There were no restrictionson foreign exchange or capital movement. Bank secrecy was strictly enforced, andthere were practically no restrictions on foreign investment. Corporate tax rates andinflation were relatively low. The financial sector was well developed prior to the civil warand has since developed again into a system aligned to fit the demands of the region,including a range of private banks and services.The civil war seriously damaged Lebanon's economic infrastructure, cut nationaloutput by half, and ruined a wide range of businesses in service and manufacturingsectors. It ultimately ended Lebanon's position as a Middle Eastern banking hub. Thesubsequent period of relative peace enabled the central government to restore controlin Beirut, but how was this achieved? Steps were taken to re-establish its taxationsystem and to regain access to key port and government facilities. Furthermore,economic recovery had been helped by a financially sound banking system and resilientsmall and medium-sized enterprises, with family remittances, banking services,manufactured and farm exports, and international aid as the main sources of foreignexchange.Immediately following the end of the civil war, there were extensive efforts torevive the economy and rebuild the national infrastructure. By early 2006, aconsiderable degree of stability had been achieved throughout most parts of thecountry, Beirut's reconstruction was almost complete, and an increasing number oftourist from all around the worldto head toward Lebanon's resorts. As aresult, GDP increased from $2.838 billion in 1990 to $2438 billion in 2006 (an increaseof nearly 700 percent in 16 years), and unemployment dropped to 8.1 percent in 2004.But a new shocked to the country's economy occurred in 2006. After a monthonly of fighting Israel in July 2006, Lebanon suffered significant damage to businessesAccessibility: Unavailable31°CLight rainLX English (United States)Maureen Kyle Ponceand infrastructure. Many countries struggled to get as many of their citizens as possibleout of the country safely and quickly. The tourism industry faced a massive loss.Lebanon was in crisis again. In September 2006, Rafiq Hariri International Airport inBeirut re-opened, and efforts to revive the Lebanese economy were to begin oncemore. Major investors to the reconstruction of Lebanon included the European Unionand Saudi Arabia as well as many other countries across the world. Lebanon's recenteconomic history has been a series of taking one step forward and two steps back yetthere is still promise for a bright future if peace can be maintained.Toward achieving its targets, Lebanon has received external support as well.International support in humanitarian demining programs and victims' assistanceprogram have been significant. Moreover, there are external contributions andinvolvements in the reconstruction of Lebanon. A program of relief, rehabilitation andrecovery has been in force from 1975 to 2005 and has totaled more than $400 million inaid to Lebanon by the United States. For relief, recovery, rebuilding, and security in thewake of the 2006 war, the U.S. government substantially stepped up this program,pledging well over $1 billion in additional assistance for the 2006 and 2007 fiscal years.From an internal perspective, liberalization of the economy, investment, andbusiness activities are confronted by other challenges. Intrusive bureaucracy andchaotic regulatory regimes slow down local businesses and discourage foreigninvestment. Besides, fair adjudication of property rights is not guaranteed because theLebanese courts are subject to significant influence from the Lebanese securityservices, government, or even the police. More importantly, in order to create aproductive and stable business environment, it is essential for Lebanon work diligentlyon improving its ability to stamp out fraud-for example, Lebanon has recently adoptednew laws to combat money laundering.Thinking Globally(References if needed)3. How do you think the transition to a normal economy in Lebanon, after the warin 2006, would differ from the experiences of European countries after World War11?ㅅㄹIMIMK昆ENGUSXShare68%10:46 am20/05/2022

The government deficit is the difference between government expenditure and government revenue.…

Subject: OM | International Business and Trade Question: 3.How do you think the transition to a normal economy in Lebanon, after the war in 2006, would differ from the experiences of European countries after World War II?

Subject: OM | International Business and Trade Question: 3.How do you think the transition to a normal economy in Lebanon, after the war in 2006, would differ from the experiences of European countries after World War II?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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