The figures were reported in Lebanon This Week, the economic publication of the Byblos Bank Group. Lebanon's economic growth forecast was the second lowest among 12 countries in the EMEA region for 2008 and 2009. It was also the fourth lowest growth among 25 emerging markets covered in 2008 and 2009.

Also, Credit Suisse forecast Lebanon's inflation rate at 6 percent in 2008 and 4 percent for 2009 compared to inflation of 8.4 percent in 2008 and 6.6 percent in 2009 in the EMEA region, and compared to inflation of 6.5 percent and 5.5 percent for emerging markets in 2008 and 2009, respectively. Lebanon's inflation rate projection was the fourth lowest in the EMEA region for 2008 and third lowest for 2009. It was the 13th highest in emerging markets in 2008 but 17th highest in 2009.

In parallel, Credit Suisse forecast Lebanon's government expenditures at 35.8 percent of GDP for 2008 and 2009 compared to 32.8 percent of GDP in 2008 and 31.8 percent of GDP in 2009 in the EMEA region, and compared to 28.6 percent of GDP and 28.4 percent of GDP for emerging markets in 2008 and 2009, respectively. Lebanon's government expenditures were the 4th highest among 13 countries in the EMEA region for 2008 and 4th highest for 2009. It was the 7th highest in emerging markets for 2008 and 5th highest in 2009.

Also, Credit Suisse forecast Lebanon's fiscal deficit at 5.7 percent of GDP for 2008 and 4.6 percent of GDP for 2009 compared to a surplus of 0.6 percent of GDP in 2008 and 0.9 percent of GDP in 2009 in the EMEA region, and compared to deficits of 0.8 percent of GDP and 0.7 percent of GDP for emerging markets in 2008 and 2009, respectively. Lebanon's fiscal deficit forecast was the second highest in the EMEA region for 2008 and for 2009. It was the second highest among emerging markets in 2008 and the 4th highest in 2009.

Further, Credit Suisse projected Lebanon's government debt at 160 percent of GDP at the end of 2008 and 157 percent of GDP at the end of 2009, compared to 27.6 percent of GDP in 2008 and 25.5 percent of GDP in 2008 in the EMEA region as well as compared to 33.6 percent of GDP in 2008 in emerging markets.

Also, it forecast Lebanon's foreign debt at 100.3 percent of GDP at the end of 2008 and at 92.4 percent of GDP for 2009, compared to 34.8 percent of GDP in 2008 and 34.3 percent of GDP in 2009 in the EMEA region, and compared to 22.6 percent of GDP and 21.7 percent of GDP for emerging markets in 2008 and 2009, respectively. Lebanon's total and external debt to GDP ratios were the highest among all emerging markets for 2008 and for 2009.

Finally, Credit Suisse forecast Lebanon's current account deficit at 9.9 percent of GDP for 2008 and at 9.1 percent of GDP for 2009 compared to deficits of 2 percent of GDP in 2008 and 3.1 percent of GDP in 2009 in the EMEA region, and compared to a surplus of 0.8 percent of GDP and a deficit of 0.6 percent of GDP for emerging markets in 2008 and 2009, respectively. Lebanon's current account deficit was the second highest in the EMEA region for 2008 and for 2009, as well as the 5th highest among emerging markets in 2008 and in 2009. - Byblos' Lebanon This Week