Lebanon
Development

In the 1950s, GDP growth was the second highest in the world. Despite having no oil reserves, Lebanon, as the Arab world's banking center and among its trading center, had a high national income.

The 1975–1990 civil war heavily damaged Lebanon's economic infrastructure, cut national output by half, and all but ended Lebanon's position as a West Asian entrepôt and banking hub. The subsequent period of relative peace enabled the central government to restore control in Beirut, begin collecting taxes, and regain access to key port and government facilities. Economic recovery has been helped by a financially sound banking system and resilient small- and medium-scale manufacturers, with family remittances, banking services, manufactured and farm exports, and international aid as the main sources of foreign exchange.

Until July 2006, Lebanon enjoyed considerable stability, Beirut's reconstruction was almost complete, and increasing numbers of tourists poured into the nation's resorts. The economy witnessed growth, with bank assets reaching over 75 billion US dollars, Market capitalization was also at an all-time high, estimated at $10.9 billion at the end of the second quarter of 2006. The month-long 2006 war severely damaged Lebanon's fragile economy, especially the tourism sector. According to a preliminary report published by the Lebanese Ministry of Finance on 30 August 2006, a major economic decline was expected as a result of the fighting.

Over the course of 2008 Lebanon rebuilt its infrastructure mainly in the real estate and tourism sectors, resulting in a comparatively robust post war economy. Major contributors to the reconstruction of Lebanon include Saudi Arabia (with US$1.5 billion pledged), the European Union (with about $1 billion) and a few other Persian Gulf countries with contributions of up to $800 million.
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