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MACROECONOMIC ANALYSIS OF LEBANON

olitics created a volatile environment. The situation led to a civil war. By the mid-1980s, the physical infrastructure was nearly destroyed, there had occurred a disastrous American intervention, and Lebanon had become, effectively, a non-country, where the political system had collapsed.

The Taif accord was negotiated under the auspices of the Arab League in October 1989. The purpose of the Accord was to map the political future of Lebanon and supposedly put an end to that country's factionalism (Muslih, 1994). Subsequent to the implementation of the Accord, Syria became a dominant player in Lebanese politics and in the Lebanese economy. Whatever else Syria may have done, stability was restored to Lebanon by 1992. The Lebanese government launched a reconstruction program in 1993 - Horizon 2000. Substantial yet somewhat uneven economic progress occurred through 2004. In February 2005, Prime Minister Hariri was killed in a bomb blast in Beirut. Since that time, Lebanon's economy has functioned in fits and starts (Swicord, 2005).

Economic output in Lebanon is assessed for the inclusive period 2000-2004. Economic output is analyzed within the context of growth in gross domestic product (GDP) and gross capital formation. Monetary values are stated in terms of United States dollars (US$).

GDP is a measure of the total flow of goods and services produced by an economy over a specified time period, excluding intermediate products and depreciation (Byrns & Stone, 1995). The value of intermediate products is included in the prices of the final consumption goods. The omission of an adjustment for depreciation differentiates GDP from net domestic product (NDP).

Further, GDP measures include no adjustment for indirect taxes or government subsidies. The absence of these adjustments means that the GDP is valued at market prices, as opposed to factor costs (Byrns & Stone, 1995).

In contrast with GDP, gross national p...

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MACROECONOMIC ANALYSIS OF LEBANON. (1969, December 31). In LotsofEssays.com. Retrieved 05:06, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1698978.html