Deputy president of Chambers’ Federation warns of serious economic ‎situation

The deputy president of the Federation of Lebanese Chambers of Commerce, ‎Agriculture and Industry, Mohamad Lamaa, warned that the Lebanese economy ‎is going through an extremely and unprecedented difficult stage in its modern ‎history. Lamaa was speaking to Al Diyar newspaper in its issue of November 7. ‎He explained that the vulnerability of the economic performance and that of the ‎public finance sector is a result of the intricate political and security conditions, ‎locally and in the region, particularly the devastating situation in neighboring ‎Syria. Lamaa revealed that the performance and activity of the domestic economy ‎has seen a critical deterioration since 2012, and knocked out the ‘golden triangle’ ‎of tourism, real estate and investment industries. He expressed his caution over ‎the anticipated ramifications of the strained political status quo, pointing that ‎‎2016 could be crucial for many sectors. Should the political crisis remains ‎unchanged, he warned, many businesses in the private sector, notably in trade and ‎tourism, could close down, resulting in a negative economic growth. (Al Diyar, ‎November 7, 2015)‎
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