Moving Lebanon Forward to SDG 8: Decent Work and Economic Growth

SDG8 promotes sustained and inclusive economic growth, full and productive employment, and decent work for all. Its leading indicators are adjusted GDP growth, adults with an account at a financial institution, and unemployment rate. Until 2019, Lebanon had major challenges, especially concerning GDP growth and unemployment.

Today, the culmination of failed economic and fiscal policies throughout the last two decades has to led to the country’s economic collapse: with the third-highest debt/GDP ratio and highest trade deficit in the world, it is estimated that Lebanon is currently facing hyperinflation of 80%, a depreciation of the Lebanese pound by 80%, and the unemployment rate rising over 40%. As the world picks itself up from the crisis incurred by the COVID-19 pandemic and adjusts its activities to achieve economic growth again, Lebanon needs a precise economic plan highlighting the necessary reforms required to reconstruct the Lebanese economy.

The first step towards that is to move away from a model that has been solely dependent on imports and on the collapsed financial services sector into a model of productive investments where incentives are given to industries and businesses to prosper, using resources to create job opportunities that will address their needs and move forward towards achieving SDG8. That also includes developing skills, education and spaces that nurture innovative ideas with growth potential.

So, let us invest in people!