Lebanon Tenders

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The economy of Lebanon has been experiencing, as of late 2019, a large-scale, multi-dimensional crisis, including a banking collapse, a liquidity crisis and a sovereign default. It used to be classified as a developing, upper-middle income economy. The nominal GDP was estimated at $19 billion in 2020, with a per capita GDP amounting to $2,500. In 2018 government spending amounted to $15.9 billion, or 23% of GDP.  The Lebanese economy significantly expanded after the war of 2006, with growth averaging 9.1% between 2007 and 2010. After 2011, the local economy was affected by the Syrian civil war, growing by a yearly average of 1.7% on the 2011–2016 period and by 1.5% in 2017. In 2018, the size of the GDP was estimated to be $54.1 billion. Lebanon is the third-highest indebted country in the world in terms of the ratio of debt-to-GDP. As a consequence, interest payments consumed 48% of domestic government revenues in 2016, thus limiting the government's ability to make needed investments in infrastructure and other public goods. The Lebanese economy is service-oriented. Lebanon has a strong tradition of laissez-faire, with the country's constitution stating that 'the economic system is free and ensures private initiative and the right to private property'. The major economic sectors include metal products, banking, agriculture, chemicals, and transport equipment. Main growth sectors include banking and tourism. There are no restrictions on foreign exchange or capital movement.