Lebanon's restaurant institutions have decreased in number since 2019: report

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24-03-2023 | 07:49
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Lebanon's restaurant institutions have decreased in number since 2019: report
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Lebanon's restaurant institutions have decreased in number since 2019: report

The collapse of the Lebanese lira, the "triple-digit" inflation, as the IMF described, and the loss of purchasing power have left many sectors, including the hospitality sector, struggling to find solutions and cope with the ongoing crisis. 

The President of the Syndicate of Owners of Restaurants, Cafes, Night-Clubs & Pastries in Lebanon, Tony Ramy, stressed that in 2019 that there were 8,500 restaurant establishments. However, after Lebanon's many crises, including the Beirut Port explosion, the number in 2022 declined to 4,500 institutions. 

Even if some are constantly crowded, Ramy pointed out via Asharq Al-Awsat newspaper that about 100 restaurant establishments are witnessing demand and are the best and most expensive institutions. In contrast, the rest of the institutions suffer severely, knowing that the sector used to sell 5 billion dollars and is now selling one billion.  

He told the newspaper that 5 percent of the Lebanese, consisting of 230,000 families, trade in US dollars, stating that their purchasing power has increased with the collapse of the Lebanese lira, leading to decreasing prices in tourist establishments, as some are pricing in US dollars.
 

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Lebanese Lira

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