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Exploring Lebanon's Growth Prospects

Author

Listed:
  • Jean-Claude Berthélemy

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Sébastien Dessus
  • Charbel Nahas

Abstract

This paper attempts to identify Lebanon's greatest constraints to economic growth, following a growth diagnosis approach. It concludes that fiscal imbalances and barriers to entry are most binding on long-term growth. Macroeconomic imbalances and related perceived risks affect the nature of investment decisions in Lebanon, in favor of liquid instruments rather than longer-term productive investments. Further, many barriers to entry discourage agents from investing in a number of markets: legal impediments to competition, corruption, and a set of fiscal incentives favoring the allocation of resources to non-tradable sectors, where potential demand and investment opportunities are scarcer. In turn, using a steady-state computable general equilibrium model, the paper assesses the long-term growth impact of a selected set of policy reforms envisaged to lift such constraints. Results suggest that 1 to 2 percentage points of additional GDP growth per year could be gained through public expenditure reform, greater domestic competition, and tax harmonization.

Suggested Citation

  • Jean-Claude Berthélemy & Sébastien Dessus & Charbel Nahas, 2007. "Exploring Lebanon's Growth Prospects," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00305558, HAL.
    • Handle: RePEc:hal:cesptp:halshs-00305558
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    Cited by:

    1. World Bank, 2012. "Republic of Lebanon--Good Jobs Needed : The Role of Macro, Investment, Education, Labor and Social Protection Policies," World Bank Publications - Reports 13217, The World Bank Group.
    2. Marieke Krijnen & David Bassens & Michiel van Meeteren, 2017. "Manning circuits of value: Lebanese professionals and expatriate world-city formation in Beirut," Environment and Planning A, , vol. 49(12), pages 2878-2896, December.
    3. Mansour Omeira & Simel Esim & Sufyan Alissa, 2008. "Labor Governance and Economic Reform in the Middle East and North Africa: Lessons from Nordic Countries," Working Papers 436, Economic Research Forum, revised 09 Jan 2008.

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    Keywords

    growth Lebanon;

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