• 11:32
  • Monday ,10 August 2020
العربية

Lebanon is different from Switzerland

by Abdel Hamid Badawi

Article Of The Day

00:08

Friday ,07 August 2020

Lebanon is different from Switzerland

 Switzerland is a small country, with no seas or oceans, few natural resources, but occupies a Leading place in the world including: the banking sector, the pharmaceutical industry, precision machinery, watches, building materials, sweets, spinning and weaving, in addition to tourism. 

 
Switzerland has maintained that traditional strength through a sound financial architecture, a strong industrial base, and a judicious and fair distribution of income. On the other hand, Lebanon is called Switzerland of the Arabs, but its economy depends on tourism, the provision of banking services, and transfers of those working abroad, and its economy has remained dependent primarily on the aid and assistance of the Arab Gulf countries. 
 
Yet, when the Arab aid for Lebanon stopped, its fragile economy was exposed and the value of the Lebanese Lira deteriorated sharply until the dollar reached 8,000 Lira. This is a wake-up call for the rest of the countries that depend on Gulf loans and aid, which they spend in pride and can stop anytime without even a warning.