It's only natural to be shocked to learn that Lebanon used to give loans to nations and organizations like India, the World Bank, and even Canada!
But if you were lucky enough to live in Lebanon during the 60s and early 70s, you wouldn't be so astonished. Lebanon was known for its strong economy, with annual growth rates often exceeding 6%, driven by the development of the private sector and services.
Lebanon was a regional financial center, a hub for stability, financial secrecy, and a free-market economy. To the extent that people from Arab countries facing financial troubles would come here to invest and deposit their money.
The inflow of dollars into the country exceeded what we see today, and the government controlled its budget, resulting in a deficit close to zero.
If you were traveling to Lebanon during that period, you would only need a little money for your daily expenses. Inflation was close to 1%, and the Lebanese lira was pegged and stable at a rate close to 3 lira per dollar.
The region's top universities and hospitals were in Beirut, and its streets were a hub for the finest hotels, art, fashion, and entertainment.
In short, Lebanon was the 'Switzerland of the East,' and Beirut was the 'Paris of the Middle East.
Lebanese governments were serious about their work and planning. In 1962, the first five-year plan was established to improve the economy and promote development, especially in impoverished areas.
Then came the civil war and turned everything upside down.
A simple comparison: Lebanon, around 45 years ago, was on par with countries that had advanced significantly. Look at where South Korea and Singapore are now!
We wasted, and we are still wasting, years and opportunities, and we need to get back on track.