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'Switzerland of the Middle East' looks for revival
- Article from:
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The Arab American News
- Article date:
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September 6, 2008
- Author:
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Copyright informationCopyright Arab American News Sep 6-Sep 12, 2008. Provided by ProQuest LLC. (Hide copyright information)
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BEIRUT (IPS) - Lebanon was long dubbed the 'Switzerland of the Middle East1 for its advanced banking sector. It lost its status 23 years ago at the dawn of the 1975 civil war, which lasted 15 years. The country has since been unable to regain the title, in spite of the brief economic revival witnessed in the 1990s.
Since 2005, Lebanon has teetered on the brink of civil strife, in a country where politics and economy are forever intertwined.
"The budget deficit is hovering between 3 to 4 billion dollars, the public debt at about 45 billion dollars, with a 2009 forecast of 49 billion. That is approximately twice our GDP (gross domestic product), making it the highest debt to GDP rate in the ...
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