A Brewing Storm: An In-Depth Analysis of Lebanon’s Economy

Mon. December 23rd, 2019
Beirut, Lebanon

Since the mass protests in October and the ensuing resignation of Prime Minister Saad Hariri, Lebanon’s economic and fiscal crisis has accelerated, with the World Bank forecasting a recession. The ruling political parties’ inability to compromise delayed government formation. Meanwhile, Lebanese citizens are facing increasing capital controls and restrictions from banks, slashes in their salaries, dismissals by employers, and a rising poverty rate. The country is risking a shortage in several basic goods and medicine.

This environment has accentuated fears for the future amongst the Lebanese and speculations of possible haircuts on deposits, an official devaluation of the Lebanese pound, and a possible default on government debt. In this context, there is an urgent need to implement wide-ranging and forward-facing fiscal, economic, and public sector reforms to allow for economic recovery and long-term stability.

In light of these events, the Carnegie Middle East Center held a panel discussion on Monday, December 23 at the Hilton Beirut Downtown Hotel. The panel analyzed Lebanon’s economic and financial challenges, the root causes, and the social and political repercussions. The event will be held in English with simultaneous interpretation into Arabic.

Speakers

Amer Bisat is the managing director at Blackrock and a former senior economist at the International Monetary Fund.

Ishac Diwan is a professor of economics at the Paris School of Economics and director of the Chaire Socio-économic du Monde Arabe.

Haneen Sayed is the lead human development specialist at the World Bank in Lebanon.

Chair

Maha Yahya is the director of the Carnegie Middle East Center.

Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
event speakers

Amer Bisat

Amer Bisat is head of sovereign and emerging markets (alpha) at BlackRock and a former International Monetary Fund senior economist.

Ishac Diwan

Ishac Diwan is the research director at Finance for Development Lab (FDL) at the Paris School of Economics.

Haneen Sayed

Senior Fellow, Malcolm H. Kerr Carnegie Middle East Center

Haneen Sayed is a senior fellow at the Malcolm H. Kerr Carnegie Middle East Center in Beirut.

Maha Yahya

Director, Malcolm H. Kerr Carnegie Middle East Center

Yahya is director of the Malcolm H. Kerr Carnegie Middle East Center, where her research focuses on citizenship, pluralism, and social justice in the aftermath of the Arab uprisings.