Economic bodies meet on salvaging economy

To cooperate with Labor Union to prepare socioeconomic document

Economic bodies, chaired by Adnan Kassar, convened on February 27, to discuss the economic status, lauding the cabinet’s formation as a move that would positively reflect on the country.

The bodies called on the new government to “tend to the economic situation very carefully and in parallel to the security file, especially since the economy took the hardest blow of the political crisis.” The economic deterioration was represented by backdrop in tourism due to the Gulf travel ban and drop in Arab and foreign investments.

“The government is to come up with a plan and outline a strategy in collaboration with the economic bodies to salvage the economy from its current stagnation,” the statement said. “The economic bodies have decided to cooperate and coordinate efforts with the General Labor Union to prepare a document that depicts both their views on how to fix the economic and social situation,” it said. The bodies will raise the document to the government’s presidency, involved ministers, and parliament members.

Participants in the meeting also addressed the impact of Syrian refugees on businesses. A large number of refugees have started illegitimate institutions across the region. “The increase in Syrian labor in the local market has direct repercussions on the situation of local workers and businesses,” it said, demanding the government to find a quick solution to this problem.

Meetings will remain ongoing to follow up on the latest economic developments.