Exploring Lebanon ' s growth prospects, Vol. 1 of 1

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Exploring Lebanon's growth prospects

Author:	Berthelemy, Jean-Claude; Dessus, Sebastien; Nahas, Charbel ;	Collection Title:	Policy Research working paper ; no. WPS 4332
Country:	Lebanon;	Date Stored:	2007/08/27
Document Date:	2007/08/01	Document Type:	Policy Research Working Paper
Language:	English	Region:	Middle East and North Africa
Report Number:	WPS4332	SubTopics:	Access to Finance; Economic Theory & Research; Emerging Markets; Debt Markets;
Volume No:	1 of 1

Summary: 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.


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