Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Local, regional crises whip Lebanese economy - Report  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 21/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Kuwait News Agency (KUNA)) The Lebanese economy has been gripped with an unprecedented crisis; the alarmingly mounting number of Syrian refugees forecast to exceed 1.5 million, more than 37 percent of the Lebanese population, according to a report issued by the official National News Agency (NNA) on Wednesday.

Despite the prevailing gloomy picture about the economy of this Mediterranean country, there have been recently some positive signs that may serve in favor of the ailing economy; such as formation of the national coalition government, two Saudi grants to the army - one totaling USD three billion and the second USD one billion, and the comeback of the ex-premier Saad Al-Hariri from abroad.

Some of the negative factors were failure to elect a new president, terrorist attacks that negatively impacted on the economy in general and the tourism sector in particular, soar of unemployment reaching 47 percent and lack of an adequate investment atmosphere. Furthermore, the national economy has proven again that it is very much vulnerable to
regional events.

The International Monetary Fund, in a recently-released report, affirmed that lack of financial resources hindered structural reforms, affected interest rates, maintained the public debts constituting 150 percent of the domestic income. The report also shed light on various problems, such as the deficit in the electrical sector, estimated at 3,100 billion Lebanese pounds (one USD dollar equals roughly USD 1,500) per annum, advising that authorities need to tackle this sector, particularly power wasting, estimated at 50 percent in some areas.

Economic activity is forecast to remain week during the rest of the year, due to lack of solutions to the piling crises and continuation of the strife in neighboring Syria, where economic growth is predicted at 1.8 percent this year and 2.5 percent the next year.


According to the Beirut Traders Association-Fransa Bank Retail Index, businesses on the domestic market shrank 13 percent; however, some experts put it in the range of 30 percent.

Annual deficit of the trade balance was estimated at USD 209 million, due to decline of exports to USD 654 million from USD 1.6 billion. China came first among exporting countries to Lebanon and South Africa was on top of countries that import from Beirut.

Hotels' occupancy rate was estimated at 49 percent in the first half of the year, signaling continuing stagnation in the sector, considered the main foundation of the economy.

Lebanon's industrial exports shrank by 17.03 percent due to disruptions in land transportation and high costs of air and sea maritime shipping.

The real-estate sector dropped 1.05 percent, partly due to lack of foreigners' investment, however, well-off Lebanese in Diaspora continued to show interest in properties' purchases.

At the monetary level, the pound is forecast to remain stable due to abundant reserves of the central Bank, estimated at USD 37 billion, and high liquidity of foreign currencies in the banking sector.

Public debt is estimated at USD 65.70 billion. As to the banking sector it would grow at seven percent, due to depositors' confidence. The banks' lending fell due to persistent economic hazards and stagnation in the real-estate sector.

Dr. Ghazi Wazni, a prominent economist, predicted that the economic growth in the remaining months of the year would not exceed two percent due to retreat of the commercial sector by 20-25 percent.

 


Kuwait News Agency (KUNA)




  MENA News Headlines
 Jul 23 2016 - Scottsdale, Arizonas AC by J is Part of Daikin Industries Expansion into N. American AC MarketMENAFN Press
(MENAFN Press) google_ad_client = "pub-7060895361757846"; /* MPR 200x200, created 7/14/10 */ google_ad_slot = "9848691929"; google_ad_width = 200; google_ad_height = 200; Scottsdale, Arizona, ...

 Jul 23 2016 - Morocco's inflation rate grows to 2.3 percentMENAFN
(MENAFN) Morocco's annaul consumer inflation increased to 2.3 percent in June from 1.9 percent in May, due to higher food prices.On the other hand, annual food inflation jumped to 4.4 percent from ...

 Jul 23 2016 - Saudi's Modon signs 6.000 deals at USD160bnMENAFN
(MENAFN) The Saudi Industrial Property Authority (MODON) signed more than 6,000 industrial, logistic and services deals for investments that surpasses USD160bn.Additionally, factories in the ...

 Jul 23 2016 - Qatar's exports from Brazil touch USD122.15mnMENAFN
(MENAFN) Brazil's exports to Qatar for the first half of this year reached USD122.15mn, accounting for 2.33 percent.Moreover, meat, sugar, cereals, ores, slag and other miscellaneous grain seeds and ...

 Jul 23 2016 - Rakhi.primogiftsindia.com Offering Heart Winning Selections for Online Rakhi &'Rakhi Gifts!MENAFN Press
(MENAFN Press) Rakhi.primogiftsindia.com is a name reckoned widely for its extensive range of trendy and attractive Rakhis and heart winning Rakhi gifts. In fact, it is one of the reliable online ...

 Jul 22 2016 - Global Water-Soluble Fertilizers Market Has Been Forecasted to Reach USD 15.30 Billion by 2020MENAFN Press
(MENAFN Press) The global water-soluble fertilizers market has been forecasted to reach a value of USD 15.30 billion by 2020 at a CAGR of 5.6%. The market is primarily driven by the increasing ...

 Jul 22 2016 - Established Cardiothoracic Surgeon, Khaled Abdelhady, MD, FRCS, FACS, will be Recognized in Latest Edition of The Leading Physicians of the WorldMENAFN Press
(MENAFN Press) Chicago, Illinois The International Association of HealthCare Professionals is pleased to welcome Khaled Abdelhady, MD, FRCS, FACS, Cardiothoracic Surgeon, to their prestigious ...

 Jul 22 2016 - Elite Radiologist, Charif Abdul Rahman Sidani, MD, to be Spotlighted in The Leading Physicians of the WorldMENAFN Press
(MENAFN Press) Miami, Florida The International Association of HealthCare Professionals is pleased to welcome Charif Abdul Rahman Sidani, MD, Radiologist, to their prestigious organization with ...

 Jul 22 2016 - Advanced Driver Assistance Systems (ADAS) Market to Reach $89.09 billion with 21.7% CAGR Forecast to 2022MENAFN Press
(MENAFN Press) Advanced Driver Assistance Systems (ADAS) Market to Reach $89.09 billion with 21.7% CAGR Forecast to 2022 Global Advanced Driver Assistance Systems (ADAS) Market 2015 Analysis and ...

 Jul 22 2016 - Organic Silicon 2016 World Market Opportunities and Forecasts to 2021MENAFN Press
(MENAFN Press) Organic Silicon 2016 World Market Opportunities and Forecasts to 2021 Global and Chinese Organic Silicon Industry, 2016 Market Research Report PUNE, INDIA, July 22, 2016 ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help