The report mentions that crisis was averted when Hariri rescinded his Nov. 4 resignation in early December. (The Daily Star/Mohammad Azakir)
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A London-based institute warned that the growing political and security risks in Lebanon could slow economic growth and impede reconstruction efforts. The report by IHS Markit also expressed fear of a devastating war with Israel over the next five years.IHS stressed that the Gulf States and most notably Saudi Arabia will be reluctant to help rebuild damaged infrastructure after any future showdown between Israel and Hezbollah.Saudi Arabia, UAE, Kuwait and Qatar helped rebuild most of the infrastructure damaged in the 2006 war with Israel.IHS also stressed that the Lebanese government has yet to seriously address important issues such as corruption and growing public debt.The report projected that Lebanon's GDP growth over the next few years will remain weak.IHS also cautioned that foreign investments will remain shy and subdued if the authorities do not tackle red tape and rampant corruption.It underlined the need for investments to improve the infrastructure and solve the electricity problem.IHS believes that there is an urgent need to overhaul the legal and judiciary system in Lebanon.
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