The Economic and Social Commission for Western Asia (ESCWA) reported that Lebanon achieved zero-growth rate for 2000 with a public debt of around $23 billion — one of the highest in the world relative to the size of the country’s economy.
The Commission declared that debt servicing along with government employees’ salaries accounted for 80 percent of government expenditures. The commission expected higher tourist revenues and expatriate remittances to help the economy in 2001.
ESCWA urged the new government to embark on a privatization process to ensure an “immediate and significant reduction in the country’s public debt and budget deficit”, to reduce the government wage bill, and to encourage foreign investment by promoting the role of the private sector in revitalizing the economy. ¯ ( Banque du Liban et d'Outre-Mer Sal
© 2000 Mena Report (www.menareport.com)
