Overview of Lebanon

In 2020, Lebanon was ranked as the 135th largest economy in the world according to the nominal GDP (Gross Domestic Product). The economy is dominated by the service sector, with a huge share of 83%. It employs around 65.7% of the total labor force, followed by the industrial sector with 13.1% of the share in the economy and the agriculture sector with a 3.9% share. 

Total population – 5,219,044 million+ people

GDP – US $23.82 billion (2024 est.)

Economic Overview

The government's intervention in foreign trade is minimal, allowing a free flow and movement of capital, remittances, and dividends across the borders. The fact that it is a free market allows many global companies to experiment and expand their market presence in Lebanon. It has a highly dollarized economy with an average exchange rate of 1,507.5 Lebanese pounds to 1 US dollar. The highly developed banking sector makes the country an integral part of the International financial system. Expats looking to relocate or global ventures wishing to expand their markets in Lebanon can find some major growth opportunities owing to the aspirational population, which values high quality goods at competitive prices.

Market size

Lebanon's free-market economic strategy imposes no restrictions; therefore, the total exports and imports provide the country with huge economic returns. Its total imports have accounted for about US $19.98 billion in 2018. The banking sector is expected to yield a high growth rate. The pharmaceutical firms are likely to incur losses due to the country's heavy dependence on the imports of medicines. The fuel crisis is likely to expand the trade deficit of Lebanon, and the country will have to come up with new strategies to combat it.

A brief glimpse of the industries

The production of metal products, transport equipment, banking, and agriculture is one of the economic sectors that contribute majorly to the growth of GDP and overall economic stability. Expats willing to find job opportunities in Lebanon can find some amazing offers in the following industries -

• Banking is one of the most successful industries in Lebanon, contributing about 8% to the country's overall GDP growth. The country has about 63 major banks that execute trade financing, project financing, and incorporate private banking. The robust banking system of Lebanon has undoubtedly made it one of the most popular receivers of foreign countries and investments. To maintain the highly robust functioning of the banking sector, the government needs specialized and trained professionals to fulfill various job profiles. 

• Another major industry is the tourism industry that accounts for about 10% of the nation's GDP growth and is one of the most prolific industries in Lebanon. Due to the sense of exotica ascribed to the place, it is one of the most visited tourist destinations in the world. Its vibrant cultural heritage, legendary architectural sites, affordability, and gambling venues are major reasons for this spike in the tourism industry. Global ventures collaborating in the hospitality sector can find great growth opportunities here. 

• Agriculture is another major sector of the economy. Almost half of the workforce of Lebanon is involved in the agricultural sector and accounts for about 15% of the country's GDP growth. The agricultural industry needs a new and scientific methodology to yield and cater to international standards and domestic services. The government needs highly experienced professionals and investments to compete with foreign farming methods.

Cost of living in Lebanon

It is comparatively expensive when it comes to relocating to Lebanon. Although the expense varies according to the city-specific areas, Beirut is the most expensive of all. On an overall basis, the living expenses are moderately high in Lebanon.

Cost of Renting

The cost of living in Lebanon can vary depending upon the size of the house and the location of the house. A one-bedroom apartment costs around $880, and the rate for a three-bedroom is around $1812. This may increase or decrease depending upon the quality of life and the facilities available. The top sectors that are expected to hire in 2021 in Lebanon are: -

Top skills required in Lebanon

Lebanon's free-market economy does not limit trade or economic transactions. There is a free flow influx of capital, goods, and services. Some of the top skills that are in high demand in Lebanon are:

• Skilled Agricultural and fisheries workers 
• Sales workers 
• Technicians 
• IT professionals 
• Banking 
• Hospitality (Travel agents, Chefs) 
• Clerical support workers 

City wise average salary and occupations

Every city opens a door of opportunities to enthusiastic job seekers. Each city may be specialized in different sectors.

• Beirut: - It is the largest city and the capital city of Lebanon. The city plays a major role in Lebanon's economy as it has many banks and corporations. The main two sectors in the city are the banking and tourism sector. It also includes trade, publishing, and other industries. The tourism sector contributes to the major source of revenue to the city. The annual salary here is around US $39,870.
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• Tripoli: - It is the second-largest city in Lebanon. The main industries include commerce, agriculture, the soap industry, and the Arabic sweets industry. The annual salary here is around the US $21,787.

• Sidon: - It is a metropolitan city and the third-largest one in the country. Telecommunication, education are some of the major industries in the city. The annual salary here is around US $15,500.

Cost of hiring 

Lebanon has a straightforward hiring process in comparison to other Middle East nations. The political and cultural conditions that affect the process of hiring are,

• Hiring and recruitment costs
• Compliance Expenses for Labor laws 
• Tax rates and compliance charges 
• Training and orientation costs

Salaries in Lebanon

The salary packages vary according to the job profiles; certain fields and professions yield high revenues given the revenue driven from their industries.

Employment laws in Lebanon

Lebanon Labour Law regulates the following aspects: -

• The statutory minimum wage in Lebanon is equal to LBP 675,000 (approximately $450), as determined by Decree 7426/2012.
• The employees are granted weekly rest of not less than 36 hours. 
• Employees cannot be terminated during the annual leave. 
• Occupational emergencies and injuries law state that all the sickness contracted, but the employer will compensate the employees. 
• Protection of employees based on gender. 
• Employment of juveniles is prohibited and allowed under special protection laws. 
• The option of unilateral termination of the contract in case of any harassment cases.

How Can Skuad Help You with Hiring in Lebanon?

When you are looking to acquire the best talent in Lebanon for your company, you must be prepared for a long process comprising several steps. This can result in the wastage of precious time and resources, which can be better utilized elsewhere. With its unified employment platform, Skuad can help you streamline your hiring processes and acquire the best talent in Lebanon in a quick and efficient manner. Connect with Skuad to know more.