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Banking on industrialization to counter emigration
11-10-2017
Lebanon’s productive sectors have been undermined since the end of civil war in 1990, and the industrial sector has been destabilized like other marginalized sectors, thus representing a smaller proportion of national economy due mainly to a history of missed development opportunities, according to Al Akhbar today. The newspaper cited the executive director of the Lebanese Center for Policy Studies (LCPS), Sami Atallah, and fellow economic researcher, Nancy Ezzedine, as saying that the share of the industrial sector out of the total GDP has shrank steadily from 24% in 1997 to 14% in 2016. They pointed out that Lebanon continues to register the worst trade deficit in the region, mostly as a result of dependency on imports and poor export outlets. The trade deficit reached USD 15.65 billion by December 2016, with a 3.56% annual increase. Atallah and Ezzedine went on to explain that the industrial sector has been constrained due to limited development in industrial policy, poor electricity coverage and a high cost of production, in addition to the repercussions of the Syrian conflict. In conclusion, the economists pointed out that Lebanon requires a supportive industrial policy capable of optimizing benefit from industrialization prospects, noting that this strategy is key to the development of the country in order to create highly sophisticated jobs and dodge further brain drain. For the article in Al Akhbar, kindly visit the link: https://www.al-akhbar.com/node/284538. (For more about Lebanon’s manufacturing sector please check: https://www.lcps-lebanon.org/publication.php?id=295&category=900&year=2017 ) (Al Akhbar, October 11, 2017) (Al Akhbar, October 11, 2017)
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