The recession in Lebanon, Middle East
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The Grand Serail, the government headquarters in downtown Beirut
Gulf Co-operation Council
Booming and then Decreasing oil prices will affect Persian gulf countries. Real estate prices in Dubai have decreased susbtantially. [22]
Lebanon
Lebanon is one of the only seven countries in the world to have scored profits in 2008.[23] Given the regular security turmoil it has faced in the past, its banks have adopted a conservative approach. The strict regulations imposed by the central bank were crafted to make the Lebanese economy immune to political crisis; and so far, this has applied to the global economic crisis as well. The Lebanese banks remain, under the current circumstances, high on liquidity and reputed for their security. [24]
Moody's has recently shifted Lebanon's sovereign rankings from stable to positive acknowledging its financial security.[25] Moreover, with a Beirut stock market increase of 51%, the index provider MSCI, ranked Lebanon as the world's best performer in 2008.[23] Analysts are, nonetheless, skeptic about the future indirect effects of the crisis, but so far, the direct consequences have proved to be positive.
References
- ^ http://www.ameinfo.com/176390.html
- ^ a b "Where on earth can you make a decent return?". The Sunday Times. October 5, 2008.
- ^ "Lebanon 'immune' to financial crisis". BBC News. 5 December 2008.
- ^ "Moody's changes outlook for Lebanon's sovereign ratings to positive from stable". Moody's. 11 December 2008.
This guide is licensed under the GNU Free Documentation License. It uses material from the Wikipedia.
Video: BBC Middle East Business Report: Riding the Recession
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