Lebanon's economy grows by two percent in 2022 amid increase in tourism: Mikati

Lebanon Economy
2022-12-22 | 09:54
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Lebanon's economy grows by two percent in 2022 amid increase in tourism: Mikati
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Lebanon's economy grows by two percent in 2022 amid increase in tourism: Mikati
The caretaker Prime Minister in Lebanon, Najib Mikati, announced that the economy recorded a growth of 2 percent this year.  

In a speech delivered on Thursday during the opening ceremony of the Arab Economic Forum, Mikati credited the growth to several economic indicators, most notably, the improvement in the construction sector, the increase of visitors by the Beirut-Rafic Hariri International Airport by 53 percent during the first ten months of 2022, and the parallel improvement in hard currency financial flows to the local economy. 

Lebanon's Caretaker PM revealed that remittances from workers abroad increased by 7 percent in 2022 to reach $6.8 billion.  

The number of tourists also increased by 70 percent in the first nine months of 2022, with a prosperous Christmas and New Year's season expected, in addition to improving hotel activity with hotel occupancy rising from 45 percent in the first nine months of 2021 to 55 percent in the first nine months of 2022.
  
According to Mikati, the optimistic political and economic scenario revolves around the election of a new president, the formation of a new government that adopts fundamental reforms, and the completion of a final agreement with the International Monetary Fund (IMF), which will establish investments towards Lebanon.  

"If the desired positive scenario is realized, the actual economy is expected to record positive growth of between 4 percent and 5 percent in 2023, driven by projects and private investment, and helping to stabilize the lira exchange rate," he said.

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