Lebanon Economic Monitor - Spring 2023 : The Normalization of Crisis Is No Road for Stabilization
The systemic failure of Lebanon's banking system and the collapse of the currency have resulted in a large, dollarized cash-based economy, worth an estimated USD 9.86 billion or 45.7 percent of GDP in 2022 (Special Focus: Gauging the Size of the Cash Economy in Lebanon). A pervasive and growing dollarized cash economy is a major impediment to Lebanon's economic recovery. It not only threatens to compromise the effectiveness of fiscal and monetary policy, but also heightens the risk of money laundering, increases informality, and prompts further tax evasion. Moreover, the increasing reliance on cash transactions also threatens to completely reverse the progress that Lebanon made pre-crisis towards enhancing its financial integrity by instituting robust anti-money laundering mechanisms in its commercial banking sector
Year of publication: |
2023
|
---|---|
Institutions: | World Bank Group |
Publisher: |
Washington, D.C : The World Bank |
Subject: | Libanon | Lebanon | Konjunktur | Business cycle | Wirtschaftslage | Macroeconomic performance | Wirtschaftspolitik | Economic policy |
Saved in:
Online Resource
Saved in favorites
Similar items by subject
-
Lebanon Economic Monitor, Spring 2015
(2015)
-
Lebanon Economic Monitor, Spring 2013
(2013)
-
Lebanon Economic Monitor, Spring 2014
(2014)
- More ...
Similar items by person