The document discusses lessons from the Eurozone crisis that are relevant for Lebanon's economy. It summarizes the challenges faced in the Eurozone such as economic stagnation, rising public debt levels, deteriorating competitiveness, and high unemployment. It then analyzes similar issues challenging Lebanon's economy, including political instability hurting growth, a large budget deficit contributing to rising public debt, and weakness in competitiveness and the business environment. The document calls for the Lebanese government to take action to address these economic problems.
Session by Mario Pezzini, Director of OECD Development Centre and Director a.i., OECD Development Co-operation Directorate.
The growth of global value chains (GVCs) has increased the interconnectedness of economies. We understand that emerging economies in Southeast Asia play a pivotal role in the global economy. This session will provide you with the latest OECD analysis on the regional economy and on the key challenges it faces in light of regional integration.
International trade, which used to be a leading driver of economic growth, is now lagging behind, as world trade growth slowed down to around 2% in 2015. Two decades prior to the 2008 crisis, world trade growth annually registered at 7%. Many factors are at play – both cyclical and structural – but their effects are posing risks to the emerging and developing economies in Asia, where trade growth is currently relatively robust. Regional free trade agreements, notably the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, will also influence trade in Asia, and will certainly have implications for the global value chains of specific industries, including in those countries not belonging to the new regional agreements. Strengthening regional ties by 2025 is one of Asia’s most important agendas. This can be made more effective by building on important and positive achievements through ASEAN, ASEAN+3 and ASEAN+6 and making greater efforts to improve co-ordination between regional and sub-regional initiatives and national agendas, reduce disparities in the region, move towards a “Global ASEAN” and strengthen monitoring capacity. Additionally, addressing issues of green growth, renewable energy and private sector development will be particularly important to Asia’s success in regional integration.
Session by Rolf Alter, OECD Director for Public Governance and Territorial Development.
This session will cover the challenges critical risks pose for OECD as well as non-OECD countries, the implications of increasing economic losses from disasters and how these pose particular challenges for regional growth recovery. How well governments manage disasters is a key test for the trust of citizens in government. Drawing on successful country practices to manage risks and invest in a sustainable future, the session will explain the work of the OECD High Level Risk Forum to foster exchanges among countries with the aim to improve their resilience.
Lekcijā tiek analizētas norises pasaules tautsaimniecībā un starptautiskajā tirdzniecībā, tiek sniegtas attīstības prognozes un minēti galvenie izaicinājumi un riski. Prezentācija sniedz visaptverošu priekšstatu par svarīgākajām ekonomikas un politikas norisēm trīs galvenajos pasaules ekonomiskajos centros – Eiropā, ASV un Ķīnā, kā arī ieteikumus, ko darīt Latvijas politikas veidotājiem.
Session by Mario Pezzini, Director of OECD Development Centre and Director a.i., OECD Development Co-operation Directorate.
The growth of global value chains (GVCs) has increased the interconnectedness of economies. We understand that emerging economies in Southeast Asia play a pivotal role in the global economy. This session will provide you with the latest OECD analysis on the regional economy and on the key challenges it faces in light of regional integration.
International trade, which used to be a leading driver of economic growth, is now lagging behind, as world trade growth slowed down to around 2% in 2015. Two decades prior to the 2008 crisis, world trade growth annually registered at 7%. Many factors are at play – both cyclical and structural – but their effects are posing risks to the emerging and developing economies in Asia, where trade growth is currently relatively robust. Regional free trade agreements, notably the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, will also influence trade in Asia, and will certainly have implications for the global value chains of specific industries, including in those countries not belonging to the new regional agreements. Strengthening regional ties by 2025 is one of Asia’s most important agendas. This can be made more effective by building on important and positive achievements through ASEAN, ASEAN+3 and ASEAN+6 and making greater efforts to improve co-ordination between regional and sub-regional initiatives and national agendas, reduce disparities in the region, move towards a “Global ASEAN” and strengthen monitoring capacity. Additionally, addressing issues of green growth, renewable energy and private sector development will be particularly important to Asia’s success in regional integration.
Session by Rolf Alter, OECD Director for Public Governance and Territorial Development.
This session will cover the challenges critical risks pose for OECD as well as non-OECD countries, the implications of increasing economic losses from disasters and how these pose particular challenges for regional growth recovery. How well governments manage disasters is a key test for the trust of citizens in government. Drawing on successful country practices to manage risks and invest in a sustainable future, the session will explain the work of the OECD High Level Risk Forum to foster exchanges among countries with the aim to improve their resilience.
Lekcijā tiek analizētas norises pasaules tautsaimniecībā un starptautiskajā tirdzniecībā, tiek sniegtas attīstības prognozes un minēti galvenie izaicinājumi un riski. Prezentācija sniedz visaptverošu priekšstatu par svarīgākajām ekonomikas un politikas norisēm trīs galvenajos pasaules ekonomiskajos centros – Eiropā, ASV un Ķīnā, kā arī ieteikumus, ko darīt Latvijas politikas veidotājiem.
Economic growth of around 7½% makes India the fastest-growing G20 economy. The acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strong growth impetus.
South African Investment Environment and Business Opportunitiessimguybar
Presentation to the US-South African Women's Business Forum Chicago by Pumla Ncapayi, Department of Trade and Industry Deputy Director General for Trade and Investment October 24, 2011
Since 2000, the quality of life of Colombians has improved markedly. Macroeconomic and social policies have sustained strong GDP growth and reduced poverty.
Economic growth of around 7½% makes India the fastest-growing G20 economy. The acceleration of structural reforms, the move towards a rule-based policy framework and low commodity prices have provided a strong growth impetus.
South African Investment Environment and Business Opportunitiessimguybar
Presentation to the US-South African Women's Business Forum Chicago by Pumla Ncapayi, Department of Trade and Industry Deputy Director General for Trade and Investment October 24, 2011
Since 2000, the quality of life of Colombians has improved markedly. Macroeconomic and social policies have sustained strong GDP growth and reduced poverty.
Presentación Ministro de Hacienda, Mauricio Cárdenas, en foro de Goldman Sachs: Perspectives and challenges of an outperformerPost-election realizado en Miami
Francisco Monaldi, Baker Institute and Harvard University
ERF and AFESD conference on: Monetary and Fiscal Institutions in Resource-Rich Arab Economies
Kuwait, November 4-5, 2015
For more info, please visit www.erf.org.eg
Session on: Oil, Rents and Politics:
Forty-five years after Hossein Mahdavy developed the modern concept of a “rentier state,” hundreds of studies have been conducted on the ways that oil wealth seems to influence governance. This session will give an overview of some key insights about state-building, development policies, accountability and conflict, particularly those that cast light on the oil-rich Arab states during a period of low prices. Venezuela, under chavismo, offers a good political economy illustration of how a country can economically underperform during commodity booms, largely thanks to spending bonanzas related to electoral cycles.
The Wind of Change: Economic and Financial OutlookLatvijas Banka
Presentation by Governor of Latvijas Banka and member of the Governing Council of the European Central Bank Mārtiņš Kazāks during discussion on Latvia's economic developments in Brussels.
What is the UK economic and property market outlook? A presentation I gave in Birmingham in June 2011 when I was Head of EMEA Research at Jones Lang LaSalle (now JLL).
Similar to Lessons from the EU crisis for the Lebanese Economy (20)
Assurance Maladie Généralisée en Belgique
Presenté lors de la Semaine Belge au Liban
Par Edouard DESCAMPE, Secrétaire Général des Mutualités Chrétiennes en Belgique.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Lessons from the EU crisis for the Lebanese Economy
1. Lessons from the Eurozone Crisis
for the Lebanese Economy
June 11, 2014
Nassib Ghobril
Chief Economist
Head of Economic Research & Analysis Department
8. 50
55
60
65
70
75
80
85
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Greece Ireland Portugal Spain 8
Deteriorating economic freedom
Source: Heritage Foundation, Byblos Research
Index of Economic Freedom
9. 3.8
4
4.2
4.4
4.6
4.8
5
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
Greece Ireland Portugal Spain 9
Deteriorating competitiveness
Source: World Economic Forum, Byblos Research
Global Competitiveness Index (score)
10. 20
30
40
50
60
70
80
90
100
2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14
Greece Ireland Portugal Spain
10
… and relative to other countries
Source: World Economic Forum, Byblos Research
Global Competitiveness Index (rank)
11. 0%
5%
10%
15%
20%
25%
30%
2006 2007 2008 2009 2010 2011 2012 2013
Greece Ireland Portugal Spain 11
Rising unemployment
Source: International Monetary Fund, Byblos Research
Unemployment Level (% of total labor force)
15. 0
2,000
4,000
6,000
8,000
10,000
12,000
2009 2010 2011 2012 2013
15
Net private capital inflows down 30% to $4.9bn in 2013
Source: Institute of International Finance, Byblos Research
Net Private Capital Inflows to Lebanon (US$m)
19. 0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012e 2013f
19
Political shocks resulted in economic opportunity costs
Source: Institute of International Finance, Byblos Research
Real GDP Growth (%)
Government Collapse
Output loss at ~$9.7bn
21. 21
Inflation rate in line with economic activity
Source: International Monetary Fund Byblos Research
Average Inflation Rate (%)
0.6%
4.1%
10.8%
1.2%
5.1%
7.2%
5.9%
3.2%
2%
0%
2%
4%
6%
8%
10%
2006 2007 2008 2009 2010 2011 2012 2013 2014f
22. 22
Lebanon is 11th most competitive Arab economy
Source: World Economic Forum, Byblos Research
Global Rank
13
19
20
33
36
43
68
77
83
100
103
108
118
141
0 1 2 3 4 5 6
Yemen
Mauritania
Egypt
Libya
Lebanon
Algeria
Tunisia
Morocco
Jordan
Bahrain
Kuwait
Oman
Saudi Arabia
UAE
Qatar
145
23. 23
Deterioration in Lebanon's global competitiveness
Source: World Economic Forum, Byblos Research
103
91
89
92
80 85 90 95 100 105
2013-14
2012-13
2011-12
2010-11
24. 24
Global Competitiveness Index in detail 2013-14
Source: World Economic Forum, Byblos Research
Indicator
Global
Rank
Intellectual property protection 136
Public trust in politicians 148
Irregular payments and bribes 138
Judicial independence 135
Favoritism in decisions of officials 147
Wastefulness of government spending 144
Transparency of government policymaking 139
Quality of overall infrastructure 142
Quality of electricity supply 148
25. 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20%
Restrictive labor
regulations
Inflation
Poor work ethic in national
labor force
Inadequately educated
workforce
Access to financing
Policy instability
Government
instability/coups
Corruption
Inefficient government
bureaucracy
Inadequate supply
of infrastructure
Most problematic factors for doing business in Lebanon
25
Source: World Economic Forum, Byblos Research
26. Lebanon has least competitive cellular market…
26
Source: Arab Advisors Group, Byblos Research
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
Lebanon
Syria
Libya
Qatar
UAE
Kuwait
Yemen
Algeria
Mauritania
Sudan
Tunisia
Bahrain
Morocco
Oman
Iraq
Egypt
Palestine
Jordan
Saudi Arabia
27. 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13%
Morocco
Lebanon
Egypt
Jordan
Tunisia
Saudi Arabia
UAE
Bahrain
Qatar
… and the second highest cost of mobile broadband services
27
Source: International Telecommunication Union, Byblos Research
(Cost as % of GNI per Capita)
28. Indicator Arab
Rank
Global
Rank
Change in
Global Rank
Starting a business 11 120 -4
Dealing with construction permits 18 179 -3
Getting Electricity 6 51 -3
Registering property 15 112 4
Getting credit 5 109 -4
Protecting investors 5 98 -3
Paying taxes 8 39 -3
Trading across borders 11 97 +1
Enforcing contracts 11 126 -1
Resolving insolvency 8 93 -5
Indicator Arab Rank Global Rank
UAE 1 23
Saudi Arabia 2 26
Bahrain 3 46
Oman 4 47
Qatar 5 48
Tunisia 6 51
Morocco 7 87
Kuwait 8 104
Lebanon 9 111
Jordan 10 119
Egypt 11 128
Yemen 12 133
West Bank & Gaza 13 138
Sudan 14 149
Iraq 15 151
Algeria 16 153
Comoro Islands 17 158
Djibouti 18 160
Syria 19 165
Mauritania 20 173
Libya 21 187 28
Ease of Doing Business Index in detail 2014
Source: World Bank, Byblos Research
29. 29
Lebanon’s Governance Indicators
Indicator Global Rank Arab Rank Change in Rank
Voice & Accountability 139 2 +2
Political Stability 199 15 +2
Government Effectiveness 120 10 -5
Regulatory Quality 111 10 -9
Rule of Law 154 12 -5
Control of Corruption 165 15 +6
Source: World Bank Governance Indicators 2012
32. 0
10
20
30
40
50
60
70
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 32
Ongoing increase in public debt stock
Source: Ministry of Finance, Byblos Research
Public Debt (US$bn)
$2.5bn
$10bn
33. 130%
140%
150%
160%
170%
180%
2006 2007 2008 2009 2010 2011 2012 2013 2014 33
Public debt dynamics have reversed
Source: International Monetary Fund, Byblos Research
Public Debt-to-GDP Ratio (%)
34. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
Debt in FC Debt in LBP 34
Public debt stock increasingly in Lebanese pounds
Source: Central Bank, Byblos Research
Breakdown of the Public Debt Stock
35. -16%
-15%
-14%
-13%
-12%
-11%
-10%
2009 2010 2011 2012 2013 2014
35
Sustained widening of the current account deficit in past years
Source: International Monetary Fund, Byblos Research
Current Account Balance (% of GDP)
36. Jan-
97
Jan-
98
Jan-
99
Jan-
00
Jan-
01
Jan-
02
Jan-
03
Jan-
04
Jan-
05
Jan-
06
Jan-
07
Jan-
08
Jan-
09
Jan-
10
Jan-
11
Jan-
12
Jan-
13
Ratings placed
on CreditWatch with
negative implications
36
Lebanon: S&P Ratings Trend line
Source: Standard & Poor's, Byblos Research
BBB-
BBB
BB+
BB-
BB
B+
B
CCC+
CCC-
CCC
CC
B-
C
SD
CreditWatch/Outlook Action
Downgrade
on public debt
concerns
Downgrade
on insufficient
measures to reduce
fiscal deficit
Downgrade
due to increasing
fiscal challenges
Outlook revised
to ‘negative’
Downgrade
on political impasse
Outlook ‘stable’
Outlook revised
to ‘stable’ on
political uncertainties
Outlook raised
to ‘positive’ on
banking sector resilience
and political stability
Rating upgraded on
ease of political tensions
Outlook kept at ‘stable’
Outlook revised
to ‘negative’ on
increased geopolitical risks
Rating downgraded on
Deteriorating economic
fundamentals and
worsening public finances
37. 1,400
1,500
1,600
1,700
1,800
1,900
1992 1995 1998 2001 2004 2007 2010 2013
Exchange rate stability is cornerstone of confidence and financial stability
37
US$/LBP
Source: Central Bank, Byblos Research
38. 0%
1%
2%
3%
4%
5%
6%
Jan-11 Jun-11 Nov-11 Apr-12 Sep-12 Feb-13 Jul-13 Dec-13
USD LBP
Stable deposit rates
38
Average Monthly Deposit Rates
Source: Association of Banks in Lebanon, Byblos Research
39. 0%
1%
1%
2%
2%
3%
3%
4%
Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13
Average deposit rate in US dollar US Federal Funds Rate
Average deposit rates in US dollar VS US Federal Funds Rate
39
Average Monthly Deposit Rates
40. 10.6
10.8
10.3
10.8
11.1
11.4
11.6
11.5
9.5
10
10.5
11
11.5
12
2009 2010 2011 2012 2013f 2014f 2015f 2016f
High level of foreign currency reserves
40
BDL Reserves Gross Reserves (in months of next year imports)
Source: Central Bank, Byblos Research
Source: International Monetary Fund
10.2 9.8
17.1
25.7
28.6
30.8 30.0 31.7
5.8 7.6
8.0
10.1
13.0
14.4 15.3 11.1
0
5
10
15
20
25
30
35
40
45
50
2006 2007 2008 2009 2010 2011 2012 2013
41. 4.5
5.0
5.5
6.0
6.5
7.0
7.5
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Remittances are a major source of capital inflows to Lebanon
41
Remittance Inflows (US$bn)
Source: World Bank, Byblos Research
42. 0 10 20 30 40 50 60 70
Thailand
Morocco
SriLanka
Lebanon
Indonesia
Ukraine
Vietnam
Bangladesh
Pakistan
Egypt
Nigeria
Mexico
Philippines
China
India
Lebanon is 12th largest recipient among developing countries
42
Remittance Inflows (US$bn)
Source: World Bank, Byblos Research
43. 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Lebanon
Kosovo
Guyana
Honduras
ElSalvador
Liberia
Haiti
TheGambia
Samoa
Lesotho
Armenia
Moldova
Nepal
Kyrgyz Rep.
Tajikistan
Lebanon is 15th largest recipient as % of GDP
43
Remittance Inflows (% of GDP)
Source: World Bank, International Monetary Fund, Byblos Research
44. 0 500 1,000 1,500 2,000 2,500 3,000
Bosnia & Herz.
Moldova
Jordan
Montenegro
Tonga
Guyana
Lithuania
ElSalvador
Armenia
St. Kitts & Nevis
Jamaica
Samoa
Belgium
Lebanon
Luxembourg
Lebanon is second largest recipient on per capita basis
44
Remittance Inflows (US$ per capita)
Source: World Bank, International Monetary Fund, Byblos Research
45. -15%
-10%
-5%
0%
5%
10%
15%
20%
25%
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
…but inflows have stagnated in past three years
45
Change in Remittance Inflows (%)
Source: World Bank, Byblos Research
46. 0%
5%
10%
15%
20%
25%
2008 2009 2010 2011 2012 2013 2014*
46
Deposit growth is key indicator for market stability
Private Sector Deposit Growth (% Change)
*First four months of 2014
Source: Association of Banks in Lebanon, Byblos Research
47. 0
300
600
900
1,200
1,500
2008 2009 2010 2011 2012 2013 2014*
47
Deposit growth is key indicator for market stability
Average monthly nominal growth of Deposits at Banks in Lebanon (US$ million)
*First four months of 2014
Source: Association of Banks in Lebanon, Byblos Research
48. 48
Lebanon: deposits are main funding source
82.2%
Low Leverage (end-April 2014)
1.8% 3.2%
Total Deposits = 87.2% of Liabilities of the
Banking Sector
Private Sector
Deposits
Public Sector
Deposits
Non-Resident
Bank
Deposits
8.8%
Capital
Base
Bonds
0.2%
Unclassified
Liabilities
3.8%
Source: Association of Banks in Lebanon, Byblos Research
50. 0%
5%
10%
15%
20%
25%
2008 2009 2010 2011 2012 2013 2014*
50
Slowdown in lending growth but still acceptable
Private Sector Lending Growth (% Change)
*First four months of 2014
Source: Association of Banks in Lebanon, Byblos Research
51. Number of ministers in EU Cabinets if Lebanon ratio is applied
51
32
32
50
63
66
67
99
272
360
376
483
0 50 100 150 200 250 300 350 400 450 500
Slovak Republic
Finland
Austria
Portugal
Belgium
Greece
Netherlands
Spain
Italy
France
Germany
Current Government