WB launches first economic report for observation in Lebanon
Launch of the first report for the economic observation in Lebanon yesterday in the presence of outgoing Minister of Economy and Trade.
LEBANON – SITUATION The World Bank (WB) yesterday launched the first bi-annual report on the Lebanese economy from the headquarters of the Economic and Social Council (ECOSOC) and the presence of the outgoing Minister of Economy and Trade Nicolas Nahas , the President of the ESC, Roger Nasnas and Director of the World Bank in the Middle East, Ferid Belhaj.
“The internal political tensions and worsening crisis in Syria have had a dramatic impact on the blocking of economic development,” said Mr. Nasnas during his speech. “That, combined with the absence of the state in support of the productive sectors and the influx of Syrian refugees, has also hampered tourism and investors,” he added. The ESC president called on the international community to help Lebanon “to help overcome these challenges.”
The Director of the World Bank for its part, assured the participants of the ongoing support of the institution “the recovery of the Lebanese economy. “” The year 2012 has seen many challenges and growth is found strongly affected, said Mr Belhaj, with a rate of about 1% and a contraction in household spending. “According to him, the prospects for 2013 are not very reassuring either, especially if the security situation does not improve.
Among other indicators representative of the year 2012, Mr. Belhaj has raised the budget deficit reached 4.1% of GDP due to the decline in state revenues and higher budget expenditures. “Inflation has also increased, with growth of 3.2% in late 2012,” said the director of the World Bank. He, like Mr. Nasnas sounded the alarm about the economic and social consequences of the influx of Syrian refugees in Lebanon bell. “The country reaches saturation and is not able to absorb all this mass, he added. It is thus urgent and imperative to develop real global policies capable of responding to these new challenges. “