Economy deteriorating?

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Deleted member 73465

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Any idea how bad the economy in Lebanon is becoming? Strange that I don’t see much info on the internet or the Lebanese online news websites. How true is it that banks and insurance companies are laying off people massively ? How true is it that schools are either closing or laying off teachers?
And if this is true (which I believe it is), why no one is talking about it ? It is threatening youth and families and causing troubling unemployment and social crisis.
Can you share some of what you know please?
 
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  • R

    Randomiser

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    Why are starting a topic that leads to sectarian tensions? As long Hariri, Jumblat, Berri, Gebran, and Geagea are in power and making alot of money it's all worth it, even if we end up homeless eating old car tires and toiletpapers.
     
    Nonan

    Nonan

    Well-Known Member
    Thank you for starting the topic. The only stat I’m aware of is that inflation was at 7% last year (which is incredibly high) but I doubt there was any corresponding growth...
     
    Indie

    Indie

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    Everything is deteriorating in Lebanon.
     
    Jo

    Jo

    Administrator
    Master Penguin
    It is true that to some extent some businesses (especially SMEs) are closing.

    However, I am not sure how dangerous the situation is. Stoping housing loans is really creating a lot of problems especially for the youth
     
    Nonan

    Nonan

    Well-Known Member
    So what was the purpose of the McK project then, except to waste a couple milli9m $
     
    Chief

    Chief

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    for sure we are passing thru severe economic conditions. Selsli effect was devastating on private schools where they were obliged to lay off employees. Deposit interest of 6.5% (USD) and 14% (LBP) does not encourage investors to invest. Credit interest of 9.5% (USD) and 16% LBP prevent anyone from taking a loan to start a small business or to develop an already existing business. we are practically in a deadlock and the solution is not obvious and after this deadlock will not be like before for sure
     
    JustLeb

    JustLeb

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    @Chief welcome back :)
    unless I am mistaken you were away for years
     
    Nonan

    Nonan

    Well-Known Member
    for sure we are passing thru severe economic conditions. Selsli effect was devastating on private schools where they were obliged to lay off employees. Deposit interest of 6.5% (USD) and 14% (LBP) does not encourage investors to invest. Credit interest of 9.5% (USD) and 16% LBP prevent anyone from taking a loan to start a small business or to develop an already existing business. we are practically in a deadlock and the solution is not obvious and after this deadlock will not be like before for sure
    Why are interest rates so high on US$? Doesn’t make any sense. Best rates you can find in the US are below 2% for savings accounts.
    Unless banks are in need of liquidity, which is another issue. Are loans growing in Lebanon?
     
    Chief

    Chief

    Well-Known Member
    @Chief welcome back :)
    unless I am mistaken you were away for years
    Thank you! free time is becoming scarce

    6.5% for the dollars? Where and how?
    any bank would be happy to give you 6.5 on a 100K deposit for one year

    Why are interest rates so high on US$? Doesn’t make any sense. Best rates you can find in the US are below 2% for savings accounts.
    Unless banks are in need of liquidity, which is another issue. Are loans growing in Lebanon?
    Of course it doesnt make any sense, it makes economy even slower and thats whats actually worrying
     
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