Lebanon achieved a major political breakthrough in October 2016; it ended a two-year standoff between various political groups which had prevented the election of a consensus president to succeed Michel Sulaiman after his term ended in May 2014. But sizeable structural problems persist and its attempt to cobble together a budget for 2017 after failing to do so for the past 12 years is unsurprisingly proving to be an uphill struggle.

The disruptive headwinds from the ongoing conflict in...