TAILIEUCHUNG - Lebanon economic report

The share of income going to the wealthiest one percent of households more than doubled between 1979 and 2007, from 10 to percent. The concentration is even greater when wealth and assets are included. In 2007, the top five percent of households controlled 37 percent of all income, but 60 percent of all net worth. Even after accounting for taxes and transfers, the incomes of the top one percent (adjusted for inflation) grew 275 percent between 1979 and 2007, while those of the middle class grew less than 40 percent. Partly a result of the very large tax cuts. | 4th quarter 2012 J 1 i Audi Saradar Group 1 r ECONOMICS 1 LEBANON LEBANON ECONOMIC REPORT PRIORITIZING STABILITY OVER GROWTH TABLE OF CONTENTS Executive Summary 1 Introduction 2 Economic Conditions 3 Real Sector 3 External Sector 6 Public Sector 7 Financial Sector 8 Concluding Remarks 12 CONTACTS Research Marwan S. Barakat 961-1 977409 Jamil H. Naayem 961-1 977406 Salma Saad Baba 961-1 977346 Fadi A. Kanso 961-1 977470 Nathalie F. Ghorayeb 961-1 964047 Sarah F. Borgi 961-1 964763 Marc P. Harb 961-1 959747 Economy impacted by regional spillover effects on investment trade and tourism Economic performance was sluggish on the overall but the performance of some defensive sectors helped avoid recessionary conditions the IMF having estimated growth at 2 for full-year 2012. While the wait-and-see attitude governing investors amidst uncertainties continues to delay major investment decisions consumption managed to report a relative resilience partly supported by the favourable incoming of Lebanese expatriates and the spending of Syrian refugees. An overall flight from quality phenomenon was witnessed within the economy The imports of luxury products reported a drop of 23 in 2012 while those of mass consumption products rose by close to double-digit rate. The flight from quality is actually witnessed internally at various levels with the sales of new cars reporting a positive growth for low cost brands and a net contraction for luxury brands the sales of property transactions showing a negative growth for high end apartments in Beirut along with a positive growth in low to middle cost housing and the 5-star hotels reporting net contraction in occupancy while furnished apartments reporting close to full occupancy levels. Worrisome public finances strained by sluggish growth and .

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