Despite the hype for the year 2000, this will be a sobering year for
Lebanon. Now at an important crossroads, the country must decide
which path leads to a brighter future.

In this month’s cover story, economists and analysts discuss challenges,
tough decisions that need to be made, and the necessary action
that should be taken in order for Lebanon to fully develop its economy
and prosper. Events in the last year were not promising. The government
was not able to contain the growing public debt and deficit
or to implement long-term reform.

Most sectors have been adversely affected by the severe economic
slowdown, which has not been helped by the lack of clear and coherent
government policies. The agricultural and pharmaceutical sectors
are good examples, both of which are struggling to survive in difficult
market conditions. Although previously unaffected, the banking
industry, the most profitable business in Lebanon, has taken a knock.
Bank profits are now threatening to fall. At the same time, Lebanon
has done little to make foreign companies and potential investors feel
welcome. Witness the recent problems experienced by international
courier companies.

But despite the difficulties, some companies have been successful in
finding their own niche. Home Care has opened a new market for
medical services provided at home. Such examples are unfortunately
few and far between.

Though some see a way out of the current economic turmoil, we at
EXECUTIVE need to see firm decisions and real action by the government
in order to become more optimistic. This year will be decisive
in showing how quickly a new Lebanon will emerge.

The staff at EXECUTIVE wishes you and yours the very best for the
New Year.