Forbes: Leaders In Learning - Mar 29, 2010 - Starmanship ...

lebanon2-2010:forbes 3/1/10 8:23 AM Page 1
PROMOTION
peace profits II
Lebanon is achieving amazing growth rates and fighting to regain its
reputation as the Switzerland of the Middle East.
Boosted by an extremely effective banking system and
dynamic tourism and construction sectors, Lebanon’s economy
grew 7% last year.
Bucking the global trends, 2009 was the country’s third year
of continual expansion, giving it the second-highest rate of
growth in the Middle East and North Africa region after Qatar.
At the end of last year, Standard & Poor’s endorsed the country’s
economic health by upgrading its credit rating from
B- to B/B.
In addition, the World Bank forecasts that Lebanon’s
economy will increase again this year and average 7%
growth through 2011.
The signs of economic well-being are evident in Beirut. The
downtown infrastructure has been restored and modernized
to international standards.
All of these developments reflect the relative political stability
in the country and the diminishing possibility for international
or ethnic hostility. Democratic elections took place
last June without violence or foreign interference for the first
time in more than three decades. And, although it took four
months of wrangling, the new prime minister, Saad Hariri, was
able to form a cabinet without any lapse in law and order.
“We intend to utilize the positive momentum to launch a
far-reaching economic reform program that will address the
long-standing gaps in our basic infrastructure,” Hariri says.
“In particular, we will upgrade the country’s electricity and
water sectors, enhance the telecom infrastructure, and maintain
and rehabilitate existing roads.”
Riad Salameh, the governor of the Central Bank, Banque
du Liban, masterminded the country’s financial resurgence and
believes Lebanon will continue on this upward path.
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