Economy Minister Alain Hakim receives Jim Yong Kim, President of the World Bank upon his arrival at Beirut airport, Monday, June 2, 2014. (The Daily Star/Hasan Shaaban)
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The Islamic State of Iraq and Greater Syria's gains in Iraq have led to further economic downturn in Lebanon, resulting from the loss of both Iraq as a trade partner and a valued route for Lebanese exports to the Gulf, according to the World Bank.In 2009-2010, Lebanon registered a 9 percent real GDP growth rate.In 2009, real GDP grew by 1 percent in Lebanon despite the financial crisis taking over the region, and in 2010, Lebanon and Yemen led regional growth, registering 7 percent increases. Looking forward, Lebanon's real GDP growth is expected to double and reach 1.5 percent in 2014, after tourist arrivals picked up in June due to Gulf countries lifting their travel advisories to Lebanon.
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