Tourists are leaving.. Economist reassures: No economic recession in Lebanon

Tourists are leaving.. Economist reassures: No economic recession in Lebanon

Kassandra Hamadeh | Friday 15 September 2023

Lebanon is still on the tourist map

During the summer of 2023, Lebanon witnessed an unprecedented tourist movement... Parties and evenings lit up the streets of the capital and many areas, in addition to the high percentage of bookings in hotels and restaurants.

But the season ends in a few days, when tourists leave. So, what will happen to the US dollar exchange rate?, especially after they pumped hard currency, knowing that Lebanon, which is suffering from economic crisis, has rebounded in recent months, and this is confirmed by the figures of revenues and taxes that the state benefited from as a result of the activity in tourist establishments during this season.

From here, economist Louis Hobeika explains, via "Akhbar al-Yawm" agency, that "after this positive economic movement, the hope is not over, especially that a new tourist season will return with Christmas and New Year's soon after".

He adds: "the time period of this movement may be short, but it confirms the importance of tourism, which Lebanon has always been based on, saying that it is possible to rely on the tourist boom in Lebanon, even if it is "situational".

As for the exchange rate, Hobeika confirms that "the dollar will not rise again due to the lack of large quantities of the Lebanese pound in the market. Therefore, the dollar supply corresponds today to a balanced purchase".

Most importantly, today, Lebanon is still on the tourist map, but the question arises: "Will any security situation erase this "Glimpse of hope" sooner or later?"

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Akhbar Al Yawm