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Lebanon sees 8% economic growth this year

20 May 2010

(MENAFN) The Governor of the Central Bank of Lebanon said that Lebanon’s economy is expected to grow by 7-8 percent this year while inflation remains stable as capital keeps pouring into the country, Reuters reported.

Inflation is expected to remain at 4-5 percent this year, Salameh said in an interview, adding that deposits in the banking system rose 2.5 percent from January to March to $105 billion.

Capital inflows, especially from Lebanese expatriates, contributed to 9 percent growth last year, with Lebanon shrugging off the effects of the global financial crisis.

Over last two years, has been regaining its reputation as the Middle East’s playground, attracting Gulf capital to its real estate market and banking sector, which has a tradition of strict banking secrecy.

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