Lebanon today bears little resemblance to the country it once was.
Before the 1975-1990 civil war, Lebanon was known as the "Switzerland of the Middle East." During the 1960s and 1970s, it enjoyed significant prosperity, strict banking secrecy laws, and a reputation as a safe, neutral financial hub for regional and international capital. Its banking sector was among the most sophisticated in the Arab world. It attracted foreign investment and established Beirut as one of the world's leading financial centers.
French journalist Julien Ricour-Brasseur wrote in Middle East Eye in 2021:
"Lebanese citizens unwilling to attempt the desperate crossing of the Mediterranean are flocking to public offices to obtain visas to any possible destination. They are looking to somewhere beyond the sea, where the glow of green is beckoning, the green light of hope - and the dollar....
"The story of Lebanon could open like this: Once upon a time, there was a nation known as the Switzerland of the Middle East. And frankly, the story ends there."
Lebanon was also distinguished by its sectarian diversity and religious pluralism, a place where multiple Muslim and Christian communities coexisted within a relatively open political system. Its geography, combining snow-capped mountains suitable for winter sports with a Mediterranean coastline, made it a major tourism destination. At its peak, Lebanon enjoyed one of the highest GDP per capita levels in the region and was regarded as a rare oasis of stability in a turbulent Middle East. This Lebanon, however, no longer exists.
Decades of civil war, corruption, and political paralysis have been a main driving force behind its decline. Yet Hezbollah's emergence as an armed state within the state, and its repeated wars with Israel on behalf of its patrons in Iran, are key factors that have contributed to Lebanon's collapse.
Lebanon: From 'Switzerland of the Middle East' to Iran's Puppet :: Gatestone Institute
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