General definition

Lebanon has a competitive and free market economy, based on a long tradition of liberal investment policies, free enterprise and private initiative. Unlike many countries in the region, Lebanon does not restrict the inward or outward movement of capital nor does it have any limitations on foreign exchange or repatriation of capital and funds. The country enjoys a well-developed legal framework that protects private property and grants Lebanese and non-Lebanese equal rights. Its service-oriented economy accounts for approximately 60% of the country’s gross national product, with banking and tourism being the main growth sectors. Other components include health care and higher education.