Lebanon has always prided itself on being a land of personal initiatives. Since its independence in 1943, and throughout the three decades following World War II, it became a destination for free economy and a hub for investors and foreign companies. Lebanon was perceived as the most suitable access point to the markets of the Gulf and the Middle East because of its climate and geographic location, not to mention its social openness and business-friendly environment.
Several factors have undoubtedly fostered Lebanon’s pioneering role, such as the advanced service sector, which includes tourism, banking and health, as well as the active educational sector that follows the progress of the economy and offers the job market the right expertise. The Lebanese have always been known for their sense of innovation and creativity wherever they go in the world. Many of them have enjoyed bright success, especially those who were placed in the right setting that harbored their creativity and passion for taking the initiative and making achievements. This indicates that Lebanon is a business-friendly environment, which is compulsory to leverage entrepreneurship spirit.
However, the situation somehow deteriorated after the start of civil war in the mid-1970s (some historians said it started in 1973 with the clashes in the Palestinian camps, while others believed it started in 1975 with the Bus Massacre of Ain al-Rammaneh); then the country got back on track during the reconstruction phase, which lasted from the mid-1990s until 2005. Beirut almost regained its competitive role and ability to attract investors, especially after and despite the economic rise of the Gulf states, outside the oil rentier economy framework. During the last three years that witnessed the Syrian war spillover into the country, the worsening economic situation and the political deadlock, Lebanon’s economy entered a dark tunnel; reforms were suspended and the economy has been in a sort of recession since 2011.
The question remains: Is Lebanon capable of becoming an attractive spot for investments and a hub for initiatives and business once again?
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