LEBANON: news on Economy in real time

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All the partners in the SOLID project met at the European Economic and Social Council in Brussels on 12 July to take stock of this project funded by the European Commission. 100 recommendations were put forward for successfully developing social dialogue between employers‘ and employees’ unions, and with civil society in all the countries of the Mediterranean. Exclusive report.

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• #Agriculture
• #Climate
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• #Tourism

Climate change will have high economic effects in Lebanon. It is expected to impact key sectors, in particular agriculture (1.4% of GDP) and tourism (14% of GDP). This will be affected in winter by the reduction in the number of days of snow, and in summer by the increase in forest fires caused by droughts and rising temperatures. As for agriculture, productivity losses will have very high socio-economic impacts, while 20% of Lebanese households have primary or secondary income linked to the sector.

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The economic overlap between Syria and Lebanon is long-standing and involves the exposure of both countries to the shocks and instabilities of their neighbor. This economic intermingling is linked to the commercial and financial integration advanced at the end of the Ottoman Empire, then during the French mandate and the independence processes. The two economies thus shared a single currency and central bank (Bank of Syria and Lebanon) between 1920 and 1963, the year the Bank of Lebanon was created.