Chammas to LBCI: A sudden increase in revenues is something the economy cannot bear

The Head of the Beirut Traders Association and General Secretary of the Lebanese Economic Organizations, Nicolas Chammas, announced that the first nine months of this year marked the beginning of an economic recovery, with tourists and expatriates contributing to halting the downward trend. Lebanon is still "standing on its feet."

On LBCI's "Nharkom Said" TV show, he pointed out that the daily business volume in the commercial sector was $250 million, compared to $150 million last year, and estimates for this year are approaching $100 million. 

He explained that "the state needs to rationalize spending, and there must be a balance between state revenues and expenditures. A sudden increase in revenues cannot be borne by the economy."

Chammas mentioned several factors affecting the economic decline, such as psychological factors, what remains of "white money for black days," and the second-largest cost due to the impact of the Gaza war, paid by Lebanon. 

He said, "If the war extends from the south to the Lebanese interior, the economic cost will be high, and it could be the end of Lebanon. Fear may drive citizens to buy and hoard US dollars."

He also highlighted the role of banks as intermediaries, converting deposits into loans, and in the absence of banks, circulation is absent, leading to disparities in economic sectors.

Chammas addressed the high energy cost that industrialists suffer from, and during holidays, there is a significant cost for decorations. He spoke about the fear of some merchants in bringing quantities that may not be sold while others "are brave."

He emphasized that the absence of a president harms the economy, and the government is just managing affairs, in addition to problems in parliament. 

The closure of real estate and Vehicle Registration Center departments is also harming the economy and not helping it get back on track.

He affirmed that the "Lebanonization" cannot be imposed, saying, "Our system is 'dollarized,' and we value the liberal system, and capital controls could have been adopted quickly."

As for the Syrian refugee issue, he pointed out that "one economy does not feed two peoples."