Lebanon needs sweeping reforms to boost economy, PM says

By Nathan Morley

It has been a year of primarily bad news in Lebanon.

But a rare positive headline came when new figures showed modest growth this year after two straight years of acute recession.

Lebanon's caretaker Prime Minister, Najib Mikati, credited the growth to increased revenues from the tourism sector and a rise in remittances from Lebanese living abroad.

The number of holidaymakers increased by 70 percent in the first nine months this year, with a flourishing Christmas and New Year's season anticipated.

Lebanon at a crossroads

Mikati said Lebanon was now "at a crossroads -- it will either mark the start of the long-awaited economic revival or a gloomy decline."

Earlier this week the Lebanese pound plunged to a new historic low to the U.S. dollar.

The country still needs to fulfill the necessary reforms to reach a deal with the International Monetary Fund and unlock billions of dollars in aid to help get the nation back on its feet.