Lebanese Diaspora: A lifeline for Lebanons economy amidst crisis

Lebanese Diaspora: A lifeline for Lebanons economy amidst crisis

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2023-07-31 | 01:20

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Lebanese Diaspora: A lifeline for Lebanon's economy amidst crisis

The Lebanese diaspora in various countries worldwide has been a lifeline for Lebanon's economy, preventing it from collapsing into a real tragedy and inevitable misery in a drowning nation. 

With an active role in supporting the residents of the homeland and contributing over 37.8 percent to the contracting gross domestic product, according to the United Nations Development Program's estimates for 2022. 

This article was originally published in and translated from the online Kuwaiti newspaper Al Anbaa.

The income generated by the returning expatriates during the summer vacation formed a genuine lifeline that saved the Lebanese lira from immense pressures, maintaining its exchange rate at just below LBP 92,000 against the US dollar, compared to the previous peak of LBP 140,000.

Financial experts estimate the daily foreign exchange transactions of expatriates and tourists in Lebanon to amount to around $100 million. By the end of the summer season, this figure might exceed $3 billion. 

According to the World Bank, this sum adds to the yearly remittances from the Lebanese diaspora, which surpasses $6.7 billion. 

Lebanon holds the top position in the Arab world regarding the size of its population receiving external remittances from expatriates. At the