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The spillover from Syria’s civil war is likely to cost neighbours Lebanon nearly $7.5 billion in economic damage by the end of next year, according to a report by the World Bank, highlighting the devastating effect of the prolonged conflict for not just Syria, but for the entire Middle East region.
Lebanon has a free market economy, one with a solid laissez-faire commercial tradition. When it comes to Foreign Direct Investment (FDI), this country’s government does not impose any restrictions.
On the other hand, Lebanon faces many economic challenges because of cronyism and nepotism, as well as other types of corruption, a significant amount of red tape, problems pertaining to licensing, high fees, taxes, and tariffs, weak intellectual property rights, and outdated legislation.
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