Shy movement in the markets… closed companies and interests in the news

It was stated in “Al-Markazia”:

Commercial markets have always relied on the holiday season to push institutions, companies, and shops forward to feed their budgets from the cash flow supplied by consumers… but today, despite the intersection of Easter with the month of Ramadan and then Eid al-Fitr, “the field accounts did not match the threshing floor accounts.”

“The movement of the markets is still shy,” according to Jihad Al-Tanir, Vice President of the Beirut Merchants Association, to Al-Markazia, attributing this to “the failure of a large segment of the Lebanese to receive their salaries on the one hand, and the coincidence of Eid in this season when the weather temperature is fluctuating, without neglecting to point out The Lebanese do not feel happy about the holidays due to the deteriorating economic situation and the worrying security developments in the south.

But he expects the market movement to improve next week “as the state has paid the salaries and pensions of public sector employees and military corps.”

He pointed out that a large number of Lebanese expatriates are coming to their home country, but since they are not tourists, they will stay in their homes with their relatives and families,” denying any reliance on them to spend a large amount of cash in the commercial market, “because they come to spend time in places of nightlife and entertainment, and not to buy necessities and other things.” The commercial market is not only clothing, but also furniture, electrical appliances, libraries…etc.”

Regarding the improvement in the situation of some economic sectors due to dollarization and others, Al-Tanir confirms this, but adds: The companies’ business has improved, but their size has decreased and they have become on the scale of the country’s economy, in line with the size of the market. The total domestic product was equivalent to 55 billion dollars before 2019, and today it is about 18 billion dollars.

Closing companies!

In the context, he reveals, “Many companies have closed their doors, and many interests no longer exist because some of them have become secondary to the citizen, and others were unable to adapt to the gloomy situation prevailing over the country.”

He acknowledges that “a large number of sectors have adapted to the general situation in the country, but that does not mean that the crisis has been resolved and things have improved!” There are many companies that have laid off their employees and closed their doors.”

He believes that “the solution does not promise to elect a president of the republic nor to form a new government. The problem lies in the structure of the economy and the structure of the Lebanese reality in the region, where Lebanon has become an unstable and useless secondary country, not to mention the lost confidence in it from the Arab world… and therefore Lebanon is no longer the center.” It is no longer the main financial or cultural center, and it is no longer the center of hospitalization, education, and shopping in the East…unfortunately.”

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