Lebanon's booming economy fears future

by Mohamad Ali Harissi, Ren Ke

BEIRUT, March 30 (Xinhua) -- Lifestyle in Lebanon seems to be shifting to an even more luxurious one. Though the national debts reached 51.5 billion U.S. dollars, fancy cars can be seen everywhere, luxurious apartments ads are occupying most of the billboards, and the tourism is expected to grow by 20 percent in 2010.

However, in Lebanon where political bickering is almost a tradition, and the situation is always fragile especially on the security side, people doubt whether this economic boom will last for a long time.

TOURISM BOOM OVERTAKING THE REGION

A country with limited industries and 14 million more expatriates, Lebanese economy depends heavily on tourism and remittance. As the country is now experiencing the most peaceful period after the war with Israel in 2006, tourism is again becoming a drive of economy.

Preliminary figures issued by the UN World Tourism Organization this month indicated that Lebanon posted the highest growth rate in tourist arrivals in the world during 2009 with a 39 percent increase from the previous year.

The number of incoming tourists to Lebanon totaled almost 2 million last year, constituting an increase of 38.9 percent from the same period in 2008. Lebanese Minister of Tourism Fadi Abboud said earlier this month that tourism activities in Lebanon would improve by 20 percent in 2010.

But Lebanese economist Elie Yachoui said he prefers "not to expect" what would hold for the tourism sector in Lebanon in the next months.

Insisting on having "more proper and world class tourism capabilities, such as warmer welcomes, cleaner sites and better infrastructure," Yachoui believed that lower hotel prices and cheaper tourism packages for visitors will offer Lebanon a more competitive role on the regional level.

Along the favorite tourist resorts, such as national historic sites, and the flourishing nightlife attraction that offer visitors a mixture of eastern and western cultures, Lebanon is seeking to become a center for medical tourism.

International Medical Travel Journal reported last week that Lebanon is on its way to become the "hospital of the East," trying to attract overseas customers with 11,505 physicians and 177 hospitals.

And according to a report published by the Agency for Investment Development in Lebanon (IDAL), the growth of medical tourism is expected to be around 30 percent on average between 2009 and 2011.