Strategizing the digital industry for wider economic recovery

Strategizing the digital industry for wider economic recovery

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In the last three years, the Lebanese digital industry and private sector have been challenged beyond their capabilities from every side; with an economic meltdown, financial and monetary crises, and the disruptions of the COVID-19 pandemic.

Most importantly, Lebanon faced the collapse of its main economic pillar, the banking sector. This has impacted the private sector a great deal, which is having difficulties accessing funding, resources, and much-needed infrastructure since the reduction of government and banking support. Further obstacles have arisen with this; including dealing with legal compliance concerns locally, regionally and internationally. So far, the government has failed to provide a clear economic plan or implement any significant economic reforms. 

Expectations for 2023

The economic and political challenges of 2021 and 2022, along with the lack of access to foreign currency, and electricity shortages have made it difficult for businesses to operate. Yet, with a higher dollarization rate in 2023, there is a need to focus on adapting to respond to the shifting economic environment. The private sector will open to new opportunities, pivot business models, and take advantage of new technologies