An employee carries money bundles at the Central Bank in Beirut, Monday, Sept. 16, 2013. (The Daily Star/Mohammad Azakir)
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Hopes for a higher GDP growth, improved consumer confidence and gas exploration have been dashed until further notice following the sudden resignation of Prime Minister Saad Hariri.The Cabinet was hoping to review a report by the Lebanese Petroleum Administration on the offers made by a consortium of three international oil companies to explore and develop blocks four and nine off the Lebanese coast.The economists underlined the need to form another Cabinet if Hariri insisted on his resignation.Economist Ghazi Wazni predicted that the GDP growth would decline to 1 percent or less after Hariri's resignation.Tourism and the real estate sector will also be among the victims of the fall out of Hariri's resignation.Jean Riachi, head of FFA Private Bank, said the resignation of Hariri will not have a major impact on the Beirut Stock Exchange because the bourse is relatively dormant.
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