Wednesday, August 6, 2008

Confused and corrupt

From M. Zbib in Al Akhbar: Lebanon's economy is floated by remittances from migrant workers ($5.5 billions in 2007). This may be true, and Lebanon is in the "club" of the countries that receive the largest remittances in relation to their economy along with Tajikistan and Honduras, BUT:

1. Lebanon is also one of the countries from which remittances are most sent ($4.1 billions in 2007). here it is in the same club as many European nations.

2. A recent IMF study showed that the larger the share of remittances in the national economy the more the incidence of state corruption and the higher the chances of state failures.

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