BEIRUT: Head of the Economic Committees Adnan Kassar said Wednesday that Lebanon was the worst performer in the Arab world in terms of GDP growth.
“The Lebanese economy was the worst performer in the region with a GDP growth that does not exceed 2 percent.
This economic crisis has started to pile up since the political standoff in 2011,” Kassar said in a statement.He added that the economic slowdown was mainly due to the failure of politicians to form a Cabinet.
“The current political vacuum and the direct impact of the Syrian conflict on Lebanon have all taken their toll on the Lebanese economy,” he stressed.
Even the most optimists of economists predict that the country’s GDP at 2 percent at the most while some international agencies fear that this growth could even reach as low as 1 percent at the end of 2013.
Kassar reiterated that the private sector was contemplating more actions if a Cabinet was not formed soon.
“We are holding meetings to discuss the next step. The General Labor Confederation is also involved in these discussions because most people are suffering from the economic slowdown,” he added.Kassar said that the Economic Committees, which group all leading business and banking associations, are willing to have an open discussion with the caretaking Cabinet to review ways to overcome the economic crisis.
“We have a lot of files which we want to discuss with caretaker Economy and Trade Minister Nicolas Nahas.
But the most important issue which we insist on is the existence of a strong executive authority capable of making important decisions,” he said.