Unprecedented economic crisis in Lebanon lifts payment deficit to USD 1.7 billion

As Safir newspaper pointed out today that the financial and economic sectors in the country are all experiencing unprecedented decline which are undermining economic growth. In its monitoring of the above industries, the newspaper mentioned that the rates of growth of deposits and assets in the banking sector have registered falls respective by 33.6% and 0.5% against the same period of last year. The same is true about industrial and agricultural exports which have respectively dropped by USD 150 million (14%), and by USD 8 million to USD 88 million during the first half of the present year. The most significant index, As Safir indicated, is in the drastic increase in the deficit of the balance of payments which posted a record figure of nearly USD 1761 million against USD 525 million during the same period of 2015. Tourism, on the other hand, recorded a slight growth of 5.2% as seen in the movement of air traffic to Lebanon, where the majority of visitors are Lebanese emigrants who come to spend the holidays in their country. This decline, As Safir concluded, is unprecedented noting that the country has never fallen to that level even in the darkest period of its previous wars and political crisis. (As Safir, July 25, 2016)