Lebanon, Syria and Jordan

RGE's Q1 2010 Outlook

Lebanon: RGE expects Lebanon’s GDP growth to slow in 2010 after very strong performance of 7-8% in 2008 and 2009 (based on IMF estimates). Lebanon benefited from strong tourism and construction activity, a resilient financial sector, capital inflows and a reversal of the poor confidence triggered by political uncertainties. However, high debt service costs, a slowing of capital inflows and exports and a moderation of domestic demand will dampen growth.

Jordan: Slowing remittances, FDI and export earnings contributed to a slowdown in Jordan’s growth in 2009, but RGE expects growth to moderately accelerate in 2010, restrained by the outlook for regional trading partners and the United States. Lower commodity prices helped reduce Jordan’s trade deficit, improve its current account and alleviate pressures on foreign exchange reserves in 2009.

Syria: With FDI, remittances and export revenues all slowing, Syrian growth fell sharply to almost 2% in 2009, less than half the 2008 pace (4.8%). In 2010, the Syrian economy is expected to rebound as exports increase, tourism and financial services expand and agriculture benefits from a strong harvest after two years of drought.

Read the Q1 2010 Lebanon Outlook.

Read the Q1 2010 Jordan Outlook.

Read the Q1 2010 Syria Outlook.