Lebanon's economy and markets are best described as a developing economy. The private sector contributes to around 75% of aggregate demand, a well-diversified sector that covers the totality of economic sectors and is a major pillar for growth and recovery. The Lebanese economy is also a typical open economy with a large banking sector equivalent to more than 2.5 times its economic sector and providing an important support to aggregate demand.
Lebanon recorded a Human Poverty Index of 7% in the 2009 HDI report which ranks it in the 33rd place in the world. Recently the IMF forecast a growth of 7% for Lebanon's real GDP in 2010 and 2011 following a growth of 9% in 2009 and 8.5% in 2008.
Lebanon benefits from its large, cohesive, and entrepreneurial diaspora. Over the course of time, emigration has yielded Lebanese "commercial networks" throughout the world. As a result, remittances from Lebanese abroad to family members within the country total $8.2 billion and account for one fifth of the country's economy. Nassib Ghobril, the head of research and analysis for Byblos Bank, calculates that Lebanese abroad supply Lebanon with about $1,400 per capita every year.
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