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WorldApril 30 2015

In stasis: Lebanon's economy stifled by Syria and political deadlock

The civil war in bordering Syria and a stagnant political scene have caused Lebanon's economy to grow at a slow pace in recent years. While factors such as the low oil price give some cause for optimism, the prevailing feeling of uncertainty in the country means few see it realising its full potential any time soon.
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In stasis: Lebanon's economy stifled by Syria and political deadlock

The crisis in neighbouring Syria, domestic political uncertainty and a deteriorating fiscal position have all weighed heavily on Lebanon’s economy over the past year. The Syrian conflict alone has been devastating to Lebanon, with the World Bank estimating that the fiscal impact on the country between 2012 and 2014 reached a cumulative $2.6bn, or about 6% of the 2013 gross domestic product (GDP).

These problems have been compounded by a fall in exports and the presence of more than 1.5 million refugees – equivalent to about 25% of the total population – now resident in the country.

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