{
"authors": [
"Amer Bisat",
"Ishac Diwan",
"Haneen Sayed",
"Maha Yahya"
],
"type": "event",
"centerAffiliationAll": "",
"centers": [
"Carnegie Endowment for International Peace",
"Malcolm H. Kerr Carnegie Middle East Center"
],
"collections": [
"Arab Spring 2.0"
],
"englishNewsletterAll": "",
"nonEnglishNewsletterAll": "",
"primaryCenter": "Malcolm H. Kerr Carnegie Middle East Center",
"programAffiliation": "",
"programs": [],
"projects": [],
"regions": [
"Middle East",
"Lebanon",
"Levant",
"North America"
],
"topics": [
"Economy"
]
}
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
Minister of Economy and Trade of Lebanon
Amer Bisat is the Minister of Economy and Trade of Lebanon.
Ishac Diwan
Research Director at the Finance for Development Lab at the Paris School of Economics, Professor of Practice at the Department of Economics at the American University of Beirut.
Ishac Diwan is the research director at the Finance for Development Lab at the Paris School of Economics, Professor of Practice at the Department of Economics at the American University of Beirut.
Haneen Sayed
Former Senior Fellow, Malcolm H. Kerr Carnegie Middle East Center
Haneen Sayed was a senior fellow at the Malcolm H. Kerr Carnegie Middle East Center in Beirut. Sayed is an economic development professional, with more than 25 years at the World Bank.
