The Lebanese economy is service-oriented main growth sectors include banking and tourism. Lebanon has a competitive and free market regime and a strong laissez-faire commercial tradition. The major industrial sectors include metal products, banking, agriculture, chemicals, and transport equipment. As a consequence, interest payments consumed 48% of government revenues in 2016, thus limiting the government’s ability to make needed investments in infrastructure and other public goods. Lebanon also suffers from a very high degree of public debt, the third-highest in the world in terms of the ratio of debt-to-GDP. The institute of international finance forecasted GDP growth of only 0.7% for 2013. However, the Lebanese economy was badly affected by the Syrian civil war. It has the 54th richest GDP per capita in the world, and it was forecasted that Lebanons GDP per capita would reach $20,000 by 2015, making it one of the strongest economies in the region. The IMF forecast a growth of 7% for Lebanons real GDP in 20 following 9% growth in 2009 and 8.5% in 2008. The economy of Lebanon is a developing economy, with a private sector that contributes to 75% of aggregate demand and a large banking sector that supports this demand.
