These Are MEASURES to Stimulate Lebanese Economy
While the International Monetary Fund (IMF) projects Lebanon's real GDP growth at 2.5 percent in 2013,
and Lebanon’s business leaders warn of the negative repercussions of salary scale approval, Central Bank Governor Riad Salamé announced that the Central Bank is preparing a package of economic measures to stimulate the economy, given that it has been severely affected by the conflict in Syria and by diminished external demand.
Governor Salamé said that the stimulus package would include incentives to stimulate housing loans, loans to productive sectors, and loans for renewable energy, as reported by Lebanon This Week, Byblos Bank publication. He added that the mortgage incentives would be for new loans and that the program would be in place for at least a year. He noted that more details on the stimulus package will be available by the end of 2012.
He said that the Syrian conflict has negatively affected investment sentiment and consumer confidence in Lebanon. He added that the unstable domestic environment and the ongoing unrest in Syria are weighing on several sectors of the Lebanese economy, mainly the external and tourism sectors. He projected Lebanon's real GDP growth at 2% in 2012, inflation at 6% and deposits growth at 7%. He attributed the growth in deposits mainly to domestic depositors. In parallel, Governor Salamé said that the Central Bank did not inject foreign currency in the exchange market since August 2011, while he estimated foreign currency purchases at over $1.5bn.
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