BEIRUT (Xinhua) – Lebanon’s Ministry of Economy and Trade launched Monday a UN-supported plan to reboot the country’s ailing economy.
The plan, with support from the United Nations Economic and Social Commission for Western Asia (ESCWA), identified short-term actions in three key sectors, namely agribusiness, tourism, and the digital economy, to “initiate recovery by rapidly generating employment opportunities and additional income,” said an ESCWA statement.
“Amid this challenging situation, we are looking to light a candle of hope. The plan presented today is subject to development, improvement, and feedback. Still, most importantly, it is feasible,” Lebanese Minister of Economy and Trade Amin Salam said at the project’s launching ceremony.
ESCWA Executive Secretary Rola Dashti said that ESCWA would support the ministry in conducting analysis, developing key performance indicators (KPIs), engaging with stakeholders, and communicating strategically about the plan.
“Although fundamental reforms are crucial, the Lebanese people do not have the luxury to wait for longer-term results; they need quick wins,” she added.
According to ESCWA, the country’s GDP shrunk by 25 percent in 2020 and 16.2 percent in 2021. However, it projects positive growth for Lebanon in 2022.