Mikati: economy still better than peers

“No irreversible adversities in public finance”

“Our economy would have been able to benefit from the fateful regional developments if its politicians were wiser and more responsible,” Prime Minister Najib Mikati said Thursday. He said, however, that the economy has demonstrated strong resilience facing regional turmoil.

The performance of several sectors was much better than in other economies in the region, Mikati told the Lebanese Economic Forum, an event hosted by Al Iktissad Wal Aamal Group. “Despite several economic indicators showing a slowdown, they were incomparable to the slowdown witnessed by regional peers,” said Mikati.

The economy is expected to grow by less than two percent in 2012. The International Monetary Fund (IMF) said in September that weak policy-making, not the conflict in Syria, is the main risk to our local economy.

Mikati said: “The banking sector has kept its fortitude, monetary stability was sustained, and there were no irreversible adversities in public finance.” He said the Cabinet is aware of the fears emerging from the proposed salary raise for public sector employees and is working to appease them.