Nicolas Chammas speaks during a press conference in Beirut, Thursday, March 19, 2015. (The Daily Star/Mohammad Azakir)
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Head of Beirut traders association Nicolas Chammas predicts a negative growth in 2016, noting that the retail sector is reeling under the current political and economic crisis.Chammas projected a zero percent growth in 2016, similar to the forecast of Central Bank Governor Riad Salameh.Even the more optimistic economists predict a growth of 0.75 percent to 1 percent this year. Chammas reminded that the two factors that helped the Lebanese economy achieve a growth of 8 percent in 2009 were the political stability and the healthy economic growth of the GCC states. Chammas said that the recent indicator of Beirut Traders Association and Fransabank showed a 45 percent drop in retail activity in Lebanon.
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