The Lebanon area ranks 170th in the world (CIA, 2014). It is smaller than the size of Connecticut, one of the smallest states in America. Furthermore, Lebanon is one of the few democratic countries in the Middle East region. In terms of economics, Lebanon is a free market economy and has a long tradition of laissez-faire economics. In addition to its coastal location on the eastern coast of the Mediterranean, Lebanon is considered the Middle East’s central window to Europe, North Africa and the rest of the world. Because of this, its economy has seen very prosperous times and was once even called the Paris of the Middle East before the bloody 15-year civil war that ended in 1990.
Furthermore, while Lebanon is small, it is also one of the most diverse nations in the world. Christians, Muslims, Druze and other minority sects are scattered throughout the small nation, and the Lebanese political system is also based on sharing sectarian power.
However, this diversity had played a fundamental role in the problems of nations. This diversity was a necessary condition of the country’s sectarian civil war and currently plays an important role in its political paralysis, even if other factors (especially foreigners) are smm panel also to blame. There is currently no president in office and rival political parties in the country continue to debate and prevent rather than facilitate the country’s development.
Furthermore, Lebanon’s proximity to Israel has made it a foreign policy / power battleground for foreign nations, each of which uses Lebanon for their own selfish ends.
The sad political realities of the country have significantly damaged the country’s economy. Also, as Lebanon is a service-based economy, this particular sector has been the hardest hit.
Tourism plays an important role in the nation’s economy. According to the Lebanese Ministry of Economy and Trade (MOET), “Tourism has long been one of the main economic sectors in Lebanon” (Economic Research Unit, 2010).
Additionally, the World Travel and Tourism Council estimated that the travel and tourism industry in Lebanon contributed over $ 4 billion in 2013 (World Travel and Tourism Council, 2014).
The travel and tourism sector accounted for around 10% of the economy in 2012, but that share dropped to 9% in 2013 (ibidem, p. 14). This is due to the political situation in the country, as well as other factors. Furthermore, the number of tourist arrivals to the country continued to decline from 2011 to 2013.
Since the tourism industry has been in a bit of trouble in recent years, the margin of error becomes very small for companies in this sector. Political and economic situations are putting pressure on tourism-related businesses (TR) in Lebanon. This means that these companies are forced to do more to compensate for increasing losses (or decreasing profits) and with fewer resources. It is not known when the political and economic situation in Lebanon will improve, especially as the civil war in neighboring Syria shows no signs of abating.