Lebanon’s rosy 2006 shattered by war and political killing

As recently as early November 2006, local and regional economic experts were projecting exponential growth across all sectors of Lebanon’s economy, including rapid recovery from the damages caused by the 34-day war between Hizbullah and Israel this summer. But given the assassination of Lebanon’s Minister of Industry, Pierre Gemayel, on the eve of National Day and threats for further eliminations of other high profile political figures, the country’s outlook was put in jeopardy. However, Lebanon is known above all else for its resiliency, and this, experts predict, will pull Lebanon through its political instability into 5% to 8% growth in 2007. Before it was thrown into another period of turmoil, Lebanon’s economy had made impressive gains in the first half of 2006, and in some sectors, even afterwards. The banking sector—the strongest and most resilient sector in the country—registered strong profits and assets growth, with BLOM Bank leading the pack