Lebanon’s banking sector is proving surprisingly resilient in spite of dire economic conditions, according to a recent report issued by one of the country’s largest banks.
Banque Audi’s second-quarter report on the Lebanese economy shows that the country’s economy has contracted by 2% year on year since the beginning of 2007.
With public debt still at around 180% of GDP, construction and tourism activity has lagged, capital inflows have dried up, and the trade deficit has widened.
However, the report says that in the banking sector assets grew...
