Lebanon’s modest economic rebound in 2025 masks deep structural weaknesses, as stalled banking reforms and IMF conditions keep recovery fragile and politically fraught. After years of sharp contraction and an unprecedented financial collapse, Lebanon entered 2025 with limited signs of improvement that led some international institutions to speak of a “modest recovery.” However, according to reports by the World Bank and the International Monetary Fund, this improvement remains fragile and conditional on deep structural reforms that have yet to be completed, amid a persistent crisis affecting public finances, the banking sector, and the real economy. [...]