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Lebanon in crisis: Loss of 160,000 jobs, closure of 10% of establishments

5-12-2019

In its issue of today, An Nahar published a study by InfoPro Research on the conditions of the private sector surveying the management of some 300 establishments representing the sector. The results have shown drastic losses recorded since the outbreak of popular protests on October 17, 2019, including the permanent or temporary loss of more than 160,000 jobs. According to the study, nearly 10% of the total of institutions operating in Lebanon have forcibly suspended work or have shut down completely. The services sector in particular has had the lion’s share in losses, with sales dropping to a record low rate (73%). The outcomes clearly indicated the weakness in the performance of the sector and its vulnerability in facing the fluctuating conditions months before the start of the current crisis, noting that many companies reduced their overheads, and cut their staff and a large number of salaries. An Nahar wrote that said figures have been reinforced by the World Bank Group Regional Director, Saroj Kuma Jha, who warned days ago about a possible increase by 50% in the poverty rate should the economic situation worsen. The poor and middle classes are expected to be the hardest hit in this looming economic crisis, he said. (For more on the news, kindly refer to the link below: (https://bit.ly/33W1tMZ). (An Nahar, December 5, 2019)

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