Tuesday, September 27, 2005

How poor is Lebanon?

Per Capita GDP is $4000 a year which is not terribly bad it's on the level of countries like Costa Rica and Panama, poor but not starving.
However, the Per capita National Debt is $10,000, 2.5 years worth of income. Highest Debt to income ratio in the world. OK, bad but if the economy lives up to its potential and a couple of generous donations it becomes manageable.
So you take out the interest on the National Debt an the net per capita GDP becomes $3500 a year, Botswana and Gabon level, but they don't have a Buddha Bar there.
Now 2% of the Lebanese Population controls 80% of the wealth!!

So 98% of Lebanon has a net per capita GDP of $715 a year . Think Angola or Nicaragua.

Yet we have tens of ferraris and porsches, hundreds of Million dollar apartments, and $15 dollar drinks.

That's why this country is so fucked up.

1 comment:

Anonymous said...

Isn't Lebanon's GDP per capita 12,000+ now? It doubled between 2007 and 2008.