Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Lebanon Suffers Worst Economic Crisis Ahead of Xmas


Mon 23 Dec 2019 | 06:07 AM
Taarek Refaat

Lebanon is suffering its worst economic crisis since the 1975-1990 civil war, leaving most businesses, stores and restaurants empty ahead of Christmas.

The economic distress caused by banks imposing capital controls, and pressure on the Lebanese pound, as well as the shortage of foreign reserves, all have pushed for a price hike, sparking huge protests against the ruling party.

Also, flights, hotel bookings, and holiday celebrations have dropped significantly during a usually busy season for Lebanon. Even streets are packed with cars after the shortage of gasoline the hit the country.

[caption id="attachment_98937" align="aligncenter" width="1024"] Santa Claus spotted at one of the anti-government protestor's tents[/caption]

While the demonstrations were widespread in the streets of Lebanon to protest against the deteriorating living conditions, and high prices, gas stations continued to close one after the other, having crowds rush to other stations, after a press conference held by the union for fuel distributors and gas stations to explain the parameters of the crisis.

An owner of a clothing store in a Beirut that sales have dropped 80% in December even after cutting prices.

Moreover, the head of Lebanon’s hotel association Pierre Ashkar said that this month's bookings have dropped to about 10% occupancy from the average of 70%.

[caption id="attachment_98938" align="aligncenter" width="1024"] A decline of occupancy can be observed at one of Beirut's hotels[/caption]

“Hotels are closing parts of their buildings, cancelled free airport shuttle transportation to minimize losses and giving employees unpaid leave,” Ashkar added.

Raymond Atieh, head of the Jdeideh municipality that the country uses last year’s Chistmas and new year decorations.

“The holiday is coming but, people are angry..people are getting fired, paid half-salaries, or unemployed,” Atieh added.

A priest in Mount Lebanon Charbel Daccache said that it is better to help feed the poor than to decorate the country.