Wednesday, October 11, 2017

In a recent address to Lebanon’s economic bodies, President Michel Aoun made a strong statement on the need to control expenditures, build revenues, and combat corruption. He stressed the lack of progress in facing Lebanon’s economic predicaments, which too often has relied on band-aids such as increased finances resulting from increased tourism rather than economic reforms to stabilize the economy. The recent confusion about increasing public salaries through increasing the VAT is illustrative of the quandary for a country that has not approved a national budget since 2005.

The inability to make hard economic decisions was reinforced by a report published by Carnegie Middle East Center in which four top economists were interviewed on the topic “Is Lebanon Heading Towards Economic Bankruptc...

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