Four years into the economic and financial crisis, Lebanon’s economy remains in consistent decline. With the lack of a comprehensive economic framework and crisis resolution plan, the country’s physical, human, social, and natural capital continues to diminish, marked by a staggering 39.9% decline in GDP from 2018 to 2022.
Nevertheless, Lebanon’s economic crisis provides a unique opportunity for a comprehensive revitalization of its economy. The critical question now is what kind of economy we need to develop. The decisions that will be taken today will lock Lebanon’s development for the coming generations. The key lies in adopting a forward-looking economic strategy, one that doesn’t just replicate past successes but meets the world economy of the future.
With a small consumer market, Lebanon’s economy is highly susceptible to shifts in the global market and international politics. We do not set the trends, we follow them. Consequently, it’s imperative to align economic strategies with international patterns and global economic trends. We need to understand what are the fastest-growing sectors and navigate the evolving global economic landscape, to ensure longevity and efficacy.
IndyACT has recognized that this forward-thinking approach extends beyond economic analysis. It requires insights from every sector. Consequently, in identifying new trends which are shaping both the national and global economy, IndyACT has engaged experts from civil society across various fields. By analyzing international developments to predict the world’s trajectory, these experts have offered invaluable perspectives on how Lebanon must adapt to ensure its success within the global economy in 2050.
Based on IndyACT’s analysis, “sustainability” and “climate action” is increasingly shaping the global economic agenda. Millions of individuals, organizations, businesses, decision-makers and institutions are prioritizing sustainability and striving to shift the global economy into a zero-carbon one. International sustainability agreements and sustainable development policies are increasingly expected to affect economic markets. Consequently, predicting these trends is Lebanon’s key to staying competitive and avoiding unexpected obstacles introduced by new international regulations.
As a result, IndyACT has initiated a inclusive and participatory process to develop an economic recovery vision for Lebanon, called “100% Lebanon”, based on the green economy approach. This vision was reviewed and stood the test of key experts in the country from different economic sectors. A total of eight discussion workshops, two conferences, several more than 12 focus groups/roundtables, and countless presentations and seminars where organized to formulate the vision.
Now, this vision is endorsed by more than 200 organizations, and IndyACT is working with the Ministry of Environment to incorporate the vision into Lebanon’s Low-Emission Development Strategy. We hope this vision meets the aspirations of all Lebanese.
