Lebanon Businessnews News

GDP is growing again
according to UN report
Economy up by 5.7 percent in 2022,

forecasted to expand by 4.6 percent in 2023

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The United Nations estimates that the economy grew 5.7 percent in 2022, achieving the first GDP growth since 2017, according to the recently released World Economic Situation and Prospects (WESP) 2023 report. It expects growth to continue in the coming two years with forecasted growth rates of 4.6 percent in 2023 and 4.4 percent in 2024. GDP shrunk by 11.7 percent in 2021 and by almost 26 percent in 2020.

The report said that the biggest hit to GDP in 2022 came from the import of both food and energy commodities. The country may have shed between three and five percentage points of potential GDP growth in 2022 due to the conflict in Ukraine.

According to the WESP report, external factors such as larger import bills amid rising commodity prices and the depreciation of the lira have exacerbated inflationary pressures

The report said that the unemployment rate stood at 29.6 percent, compared to 11.4 percent prior to 2019 citing a study published in 2022 by the Central Administration of Statistics (CAS) and the International Labour Organization (ILO).

WESP is a report produced by the United Nations Department of Economic and Social Affairs (UN DESA), in partnership with the United Nations Conference on Trade and Development (UNCTAD) and five United Nations regional commissions including the Economic and Social Commission for Western Asia (ESCWA). The United Nations World Tourism Organization (UNWTO) also contributed to the report.

Date Posted: Jan 31, 2023
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