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The Minimum Wage in Lebanon
Summary: The minimum wage in Lebanon should not be raised. While it would decrease the number of Lebanese citizens living below the poverty level, raising the minimum wage would have too much of a negative impact on the Lebanese economy unless the government addresses such economic problems as Lebanon's large trade deficit and the high labor and capital costs incurred by Lebanese industry.
Before starting the analysis of a scenario suggesting the raising of the minimum wage in Lebanon, I would like to give an overview about the stages the Lebanese economy has gone through in the last few decades.
While Lebanese economy were well known for its prosperity in the late 60s and early 70s, thanks to the tourism industry, the economy suffered from hyper-inflation during the war (1975- 1990).
The Lebanese pound has lost most of its purchasing power, devaluating from 2.5 L.B. to astonishing 2800 L.B. for one US Dollar.
With Inflation rate reaching more than 100% year-to-year, most of the Lebanese households have seen their savings vanished in terms of value.
At that time, 1990, the infrastructure was destroyed. The airport,the hospitals, the electricity, the communications (telephone, post, radio, TV), and, of course, the public schools were no better.
Fortunately, the post war era experienced an improvement in the...
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This section contains 598 words (approx. 2 pages at 300 words per page) |
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