QUOTE OF THE MONTH
POLITICAL DYNASTIES ARE NOT HEALTHY, AND WE MUST GIVE CIVIL SOCIETY A CHANCE TO ELECT ELIGIBLE PERSONS TO POLITICAL POSITIONS THROUGH
” A DEMOCRATIC PROCESS. NADIM GEMAYEL, Lebanese MP and senior member of the Kataeb Party, son of former President Bachir Gemayel, grandson of Kataeb Party founder Pierre Gemayel and nephew of the party’s current head former President Amine Gemayel. legality of these structures. (See page 20)
> Lebanon’s banking sector saw modest activity growth in the first quarter of 2015, with total bank assets posting an increase of 0.7 percent from December 2014 to March 2015. While this was in line with the growth witnessed in the corresponding period of the previous year, lending activity growth remained weak, increasing only by $245 million, or 0.5 percent, in the same period.
> The concluding statement of the International Monetary Fund’s 2015 Article IV Mission for Lebanon, issued on May 14, warned that “policy inertia is taking a growing toll on the economy and, in the face of a continued refugee presence and new challenges, is threatening Lebanon’s resilience.” The statement also noted that the growth rate of deposit inflows, which have historically been resilient, is slowing, and there is a need for a decisive change in policies to strengthen confidence. It stressed the importance of electricity sector reform, claiming that the country’s “inefficient electricity supply is a major impediment to growth.”
> According to data from the Order of Engineers of Beirut and the North, construction permits saw a 19.8 percent year on year decrease during the first quarter of 2015, covering an area of about 2.7 million square meters compared to about 3.4 million in the same period of 2014.
> According to data released by Rafik Hariri International Airport, the number of passengers increased by 9.7 percent during the first four months of 2015, reaching a total of about 1.97 million. Meanwhile, the total amount of freight handled at the airport decreased by 16.2 percent in the same period.
> The latest figures released by the Port of Beirut show decreases in the first four months of 2015 in the quantity of both goods and transshipments, which declined respectively by 13.7 percent and 12.7 percent year on year. However, the port’s revenues saw an annual rise of 6 percent in the same period, from $68.1 million in 2014 to $72.2 million this year.
> Data released by the Association of Car Importers in Lebanon shows a slight annual drop in newly registered car sales during the first four months of 2015, from 10,789 to 10,741, representing a 0.4 percent decrease.
> According to an Ernst & Young report on hotel occupancy for the first four months of 2015, Lebanon’s hospitality sector has witnessed moderate growth this year, particularly in Beirut. The report noted that four and five star hotels recorded an occupancy rate of 54 percent, up from 42 percent year on year. Hotel prices also saw an increase, with the average room rate in Beirut growing from $163 in the first four months of 2014, to $173 in the same period of this year.
> In the recently released Social Progress Index, which is published by the non profit Social Progress Imperative in collaboration with Deloitte and uses 52 indicators to measure various dimensions of social progress, Lebanon ranked sixth out of the 11 MENA countries surveyed, placing 80th out of 133 globally. According to the report, “Lebanon performs best on Water and Sanitation and has most opportunity to improve on the Personal Safety component.”
> Freedom House’s 2015 Freedom of the Press Index ranked Lebanon 118th out of 199 countries surveyed, categorizing the country’s press as “partly free.” This represents a five year low for the country, which the report attributed to “a marked increase in libel cases against journalists in 2014.” The country came in third place regionally, after Israel (61) and Tunisia (93).