Figures issued by the World Bank show 34.8 percent of Lebanese who are 15 years or older borrowed money, individually or jointly, from available sources in 2014. “The share of Lebanese who borrowed money in 2014 was the 103rd highest among 143 countries globally, the 26th highest among 40 upper-middle income countries, and the fifth highest among nine developing countries in the Middle East & North Africa,” the World Bank said.
The survey covered borrowing from commercial banks, financial institutions, family members, friends or private informal lenders, among other sources.
Globally, the share of Lebanese over age the of 15 who borrowed money in 2014 was higher than that in Afghanistan (34.6 percent) and Egypt and Tunisia (34.1 percent each), and lower than that in Poland (35.4 percent), Lithuania (35.2 percent) and Slovakia (35 percent).
It was higher than that in Tunisia and lower than that in China (36.3 percent) among UMICs. The share of Lebanese who borrowed money in 2014 was lower than the global share of 42.4 percent, the UMICs’ share of 37.7 percent and the MENA region’s share of 45.7 percent.
On a gender basis, 37.5 percent of Lebanese males and 32.4 percent of Lebanese females who are 15 years or older borrowed money in 2014, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
The share of Lebanese female borrowers last year was lower than the global average of 40.5 percent, the UMICs’ average of 35.8 percent and the MENA region’s average of 45.8 percent.
Similarly, the share of Lebanese male borrowers in 2014 was lower than the global share of 44.3 percent, the UMIC’s share of 39.6 percent and the MENA region’s share of 45.6 percent.
In parallel, 15.57 percent of Lebanese who are 15 years or older borrowed money from a bank or another type of financial institution in 2014, up from 11.3 percent of Lebanese adults in 2011.
Borrowing from banks or financial institutions excludes the use of credit cards.
The share of Lebanese over the age of 15 who borrowed money from financial institutions in 2014 was the 40th highest globally, the ninth highest among UMICs, and the second highest among developing countries in the MENA region.
Globally, the share of Lebanese over 15 who borrowed money from banks and financial institutions in 2014 was higher than that in Colombia (15.56 percent), Myanmar (15.52 percent) and the UAE (15.45 percent), and lower than that in Belgium (15.76 percent), Uganda (15.7 percent) and Chile (15.63 percent). Further, the share of Lebanese over the age of 15 who borrowed from financial institutions in 2014 was higher than the global average (10.7 percent), the UMICs’ average (10.4 percent) and the average of developing MENA countries (5.6 percent).
Also, 12.9 percent of Lebanese over the age of 15 borrowed money from family or friends in 2014, up from 12 percent in 2011, while 4.4 percent of Lebanese above15 years old borrowed money from a private informal lender in 2014, up from 2.2 percent in 2011.
Further, 14.9 percent of Lebanese who are 15 years or older borrowed from a store by using installment credit or buying on credit in 2014, up from 5.9 percent of Lebanese adults in 2011.
In parallel, 5.9 percent of Lebanese who are 15 years or older borrowed money for health or medical purposes in 2014, lower than the global average (12.2 percent), the UMICs’ average (9.4 percent) and the average of developing MENA countries (16.3 percent).
Also, 3.4 percent of adult Lebanese borrowed money to pay for education or school fees last year, lower than the global average (7.7 percent), the UMICs’ average (6.1 percent) and the average of developing MENA countries (8.2 percent).
The survey’s sample excluded certain areas in Lebanon, which host around 10 percent of the population, for security reasons. Excluded zones were replaced by areas from within the same governorate.
