Exploring Lebanon's Growth Prospects / Berthelemy, Jean-Claude
This paper attempts to identify Lebanon's greatest constraints to economic growth, following a growth diagnosis approach. It concludes that fiscal imbalances and barriers to entry are most binding on long-term growth. Macroeconomic imbalances and related perceived risks affect the nature of inv...
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| Main Authors: | Berthélemy, Jean-Claude |
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| Outros Autores: | Nahas, Charbel Dessus, Sébastien |
| Formato: | Online-Resource |
| Idioma: | English |
| Publicado em: | Washington, D.C : The World Bank, 2007 |
| Assuntos: | |
| Acesso em linha: | URL des Erstveröffentlichers |
| Resumo: | This paper attempts to identify Lebanon's greatest constraints to economic growth, following a growth diagnosis approach. It concludes that fiscal imbalances and barriers to entry are most binding on long-term growth. Macroeconomic imbalances and related perceived risks affect the nature of investment decisions in Lebanon, in favor of liquid instruments rather than longer-term productive investments. Further, many barriers to entry discourage agents from investing in a number of markets: legal impediments to competition, corruption, and a set of fiscal incentives favoring the allocation of resources to non-tradable sectors, where potential demand and investment opportunities are scarcer. In turn, using a steady-state computable general equilibrium model, the paper assesses the long-term growth impact of a selected set of policy reforms envisaged to lift such constraints. Results suggest that 1 to 2 percentage points of additional GDP growth per year could be gained through public expenditure reform, greater domestic competition, and tax harmonization |
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| Descrição Física: | 1 Online-Ressource (32 Seiten) |
