Economy heavily impacted
by confrontation in South

Xinhua

A Lebanese economic official on Wednesday said Lebanon's economy deteriorated dramatically since the beginning of the conflict in Gaza and the armed clashes on the Lebanese-Israeli border, warning of a possible collapse of various sectors in the country.

"The revenues generated by the various economic sectors during the summer are being depleted," Mohammad Choucair, president of the Chamber of Commerce, Industry, and Agriculture in Beirut and Mount Lebanon, said in a statement released by the chamber.

While demand for food has increased as people buy large quantities, fearing the possible expansion of the Hezbollah-Israeli confrontations, the need for luxurious products dropped by around 70 percent, Choucair said. FULL STORY