Current Account in Lebanon
Lebanon - Current AccountThe economic panorama remains bleak. The private-sector PMI was deep in contractionary territory through March, while inflation has been running at over 200% so far this year. The Russia-Ukraine war has created extra pain by hitting the food supply: The vast majority of Lebanese wheat was imported from Ukraine before the war. In politics, the authorities recently secured a USD 3 billion support package from the IMF. However, this falls short of the funding needed to stabilize the economy, and the money will only begin to flow following eight key reforms, including banking sector changes and the passage of the 2022 budget. This is not expected in the near term, as parliamentary elections will be held on 15 May. While new political groupings should gain ground, the upshot is still likely to be a fragmented parliament and a lengthy government formation process, delaying reform approval.
Lebanon - Current Account Data
|Current Account (% of GDP)||-17.1||-20.4||-22.7||-23.6||-|
5 years of economic forecasts for more than 30 economic indicators.
Lebanon Current Account Chart
|Exchange Rate||1,513||0.0 %||Dec 31|
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June 22, 2020
Economic conditions have deteriorated significantly in recent months amid spiraling inflation, the Covid-19 pandemic and sociopolitical instability, after the country defaulted on its debt for the first time ever in March.