
by Josh Wood
Saudi’s oil price fallout echoes beyond the bounds of the GCC. For more on how it is affecting Pakistan – Lebanon’s economy has long depended on the Arab Gulf states.
Hundreds
of thousands of Lebanese work there, sending their savings home to
relatives. It is the main destination for exports — both human capital
and produced goods — as well as the leading supplier of investment. There
is often a feeling that without the Gulf’s role, Lebanon’s beleaguered
economy could not survive. But this relationship could be in trouble.
With
global oil prices falling since 2014, the economic diversification
plans touted by Gulf states are finally being put to the test. For the
many Lebanese working in the Gulf, their livelihoods and billions of
dollars in annual remittances, depend on the continued strength of these
economies. More
immediate is the growing divide between GCC countries and the Lebanese
government over the role of Hizbollah, with Saudi Arabia leading the
charge against the group and economists fearing major economic
ramifications on Lebanon.





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