Lebanon”s economy to grow at least 4 pct in 2008
Lebanon”s economic growth in 2008 will at least match the 4 percent of 2007, Finance Minister Jihad Azour said on Thursday.
"Based on the indications of the first quarter of this year, even if the situation remains as it is, we can expect a growth rate of 4 percent which could improve if the situation improves,"
Finance Minister Jihad Azour said the Lebanese government had raised the issue of correcting wages at the beginning of 2008, and had not anticipated the General Labor Union’s call for a general strike on May 7.
In an interview with a morning talkshow on the Lebanese Broadcasting Corporation (LBC), Azour said the government looked out for both the General Workers Union and Lebanese employers, adding that the proposal to raise minimum wages to 960,000 LL had been raised to disrupt dialogue. Azour said that the intention to correct minimum wages existed despite limited capacity to do so.
The Finance Minister said the upcoming Arab Economic Forum, to be hosted by Lebanon, was “very important for investment” as it joined “the most important figures of investment,” adding that he hoped political leaders would encourage such initiatives.
Azour noted that the Lebanese treasury held sufficient funds to keep the country from economic decline in light of the political situation.