Lebanon is a sovereign state in Western Asia. It is bordered by Syria to the north and east and Israel to the south, while Cyprus is west across the Mediterranean Sea. Despite its small size, the country has developed a well-known culture and has been highly influential in the Arab world, powered by its large Diaspora.
Lebanon’s economy follows a laissez-faire model. Most of the economy is dollarized, and the country has no restrictions on the movement of capital across its borders. The Lebanese government’s intervention in foreign trade is minimal.
The agricultural sector employs 12% of the total workforce. Agriculture contributed to 5.9% of the country’s GDP in 2011. Lebanon’s proportion of cultivable land is the highest in the Arab world; Major produce includes apples, peaches, oranges, and lemons.
The commodities market in Lebanon includes substantial gold coin production, Oil has recently been discovered inland and in the seabed between Lebanon, Cyprus, Israel and Egypt, and talks are underway between Cyprus and Egypt to reach an agreement regarding the exploration of these resources. The seabed separating Lebanon and Cyprus is believed to hold significant quantities of crude oil and natural gas. Industry in Lebanon is mainly limited to small businesses that reassemble and package imported parts.
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