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International Development Institute: Political Turmoil Affects Lebanese Economy

Global Arab Network - - George Haddad

Monday, 09 May 2011 11:02

International Development Institute: Political Turmoil Affects Lebanese Economy

Global Arab Network - Regional events, namely turmoil in several Arab countries, have left adverse impact on the Lebanese economy, according to a report released by the International Development Institute.

The report indicated at "noticeable" drop in the number of tourists and direct foreign investments, compared to the proportions of last year.

It warned that further delay of the execution of projects and resolving problems in the sectors of energy, communications, transports and water, would ultimately result in hampering growth.

The institute forecast decline of the gross domestic product this year compared to last year, but affirmed stability of the banking sector and the national currency exchange rate, due to substantial reserves of the gold and the hard currencies held by the Central Bank of Lebanon. It also noted readiness of the banks, in this regard, of financing sovereign debts.

An official source told KUNA that the tourism sector would be particularly affected this summer in case the disturbances proceed in the Arab world, particularly in neighboring Syria.

Moreover, the domestic trade dropped 35 percent in the first quarter of the current year, compared to the same period of last year, according to official figures.

Global Arab Network

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