Lebanon increased almost all of the workers’ salaries in 2011, after various discussions between the government, the teachers union and the general workers union and after several strikes who started to affect the country’s economy. The minimal wage was increased by 40% to 700.000 LP (Lebanese pound). In USD is the equivalent of about $466). Other wage, than the minimal one, which has been increased were:
- all the wages between the minimal and 1.200.000 LP were increased by 200.000 LP
- wages between 1.200.000 LP and up to 1.700.000 LP were increased by 300.000 LP
- wages above 1.800.000 LP were not increased
After wages increasing there were several critics to the method which has been used, especially regarding the fact that salaries above 1.800.000 LP has not been increased.
In 2011 the World Bank made an analysis in which has been stated the quality of life of lebanese people, another indicator which allow to understand better about a certain economy. Here are the results:
- 8% of lebanese people earn less than USD 3.7 millions LP and in under the poverty threshold
- 54% of lebanese earn more than 3.7 millions LP and less than 13.5 millions LP
- 22% earn between 23 millions LP and 40 millions LP
- 4% earn more than 40 millions LP and are considered the richest class
Among the main economic sectors in Lebanon, we can see services, especially banks and tourism. Other good sectors are chemicals, agriculture, metal products and transport equipments.