The Policy Initiative - Tourism and remittances are not a panacea for Lebanon’s financial woes
▻https://www.thepolicyinitiative.org/article/details/177/tourism-and-remittances-are-not-a-panacea-for-lebanons-financia
The flow of foreign currency, either in the form of remittance transfers or tourist receipts, will not save Lebanon. This belief that foreign capital can reverse the tide has grown out of the disillusionment in the state’s capacity to develop clear and concrete steps for economic and financial recovery or provide proper social protection schemes.
When analyzing the financial crisis, it is common to look back at the postwar economic model and reflect on how deep it has cut through Lebanon’s contemporary social order. But the reality is that a more destructive economic paradigm is on the rise. By widening income gaps between those with access to foreign currency and those without, the postwar model is re-inventing itself through newer, more aggressive, and far-reaching mechanisms which further exacerbate inequality.