The Economics Club and the Faculty of Business Administration and Economics (FBAE) at Notre Dame University-Louaize (NDU) collaborated to host an engaging talk titled "Innovative Pathways: Addressing Lebanon's Economic and Financial Crisis Through Strategic Solutions" to enhance students' understanding of effective economic policies and strategies. The event featured guest speaker Dr. Habib Zoghbi, Honorary President of the Harvard Alumni Association and Harvard Business School Club of Lebanon.
The event aimed to analyze Lebanon’s economic crisis and explore actionable solutions. Fady Boustany, NDU student and president of the Economics Club, opened the discussion with an optimistic and determined message. “While Lebanon faces multiple challenges, the decisions we make can create actual change,” he affirmed, highlighting how NDU’s AACSB accreditation empowers students with the tools and expertise to navigate and impact the economic landscape effectively.
During the talk, Zoghbi delivered an in-depth examination of Lebanon's economic crisis, detailing its underlying causes and offering practical solutions. He began by addressing the devastating impact of compounded challenges, including the country’s economic collapse and the global COVID-19 pandemic. To accurately portray the gravity of the situation, he compared Lebanon’s annual budget to its GDP per capita, drawing attention to the widening budget deficit. Zoghbi also identified several key factors contributing to the crisis. Foremost among them was systemic corruption, with a governance system resistant to reform. Progress had been further hampered by administrative inefficiencies, and the country's intellectual capital had been severely depleted by a serious brain drain, worsened by dwindling educational standards and the restricted recognition of academic degrees. Prolonged political unrest exacerbated these problems, creating a stagnant atmosphere. Meanwhile, financial stability was undermined by the sharp devaluation of the Lebanese lira, significantly affecting businesses and citizens alike.
As potential remedies, Zoghbi proposed a revised fiscal policy to channel funds into productive sectors and drive sustainable economic growth. He also stressed the importance of strategic privatization, citing inefficiencies in a 13-year privatization committee that failed to achieve any substantive outcomes. Zoghbi concluded by reiterating the critical need for a mindset shift. “We must adopt a positive mentality that motivates people to rebuild,” he urged, emphasizing that collective effort and optimism are essential for overcoming the nation’s challenges and building a brighter future.
The seminar concluded with an engaging Q&A session, where students shared their thoughts on the topics covered and asked perceptive questions. By holding such significant seminars, NDU's Economics Club and FBAE continue to equip students with the skills and knowledge necessary to create a more promising economic future for Lebanon. In addition to providing insights, this meeting sparked hope for the country's reconstruction and a sense of shared responsibility.