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Lebanon's Ravaged Economy

March 29, 2007

An Arab summit is being held this week in Riyadh this week to examine points of tension in Middle East, especially between Israel and Lebanon. Lebanon's economy is still in ruins after Israel's 34-day offensive that began in July last year. The country registered a negative growth rate of five percent in 2006, its worst performance in 15 years. The conflict and Lebanon's current political crisis have paralyzed the economy, especially industry and tourism. But Lebanese businesses still try to stay optimistic and hope for a return of investor confidence and of foreign visitors. A voiced report.