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Exploring Lebanon's growth prospects

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  • Berthelemy, Jean-Claude
  • Dessus, Sebastien
  • Nahas, Charbel
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    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.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 4332.

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    Date of creation: 01 Aug 2007
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    Handle: RePEc:wbk:wbrwps:4332

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    Related research

    Keywords: Economic Theory&Research; Debt Markets; Emerging Markets; Access to Finance;

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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 Other Operational Studies 13217, The World Bank.

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