Lebanon Businessnews News

Revival 2021 plan
launched by InfoPro
A comprehensive

economic program

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InfoPro has launched ‘Revival 2021’, a full-fledged program aimed at advancing out-of-the-box measures that address the country’s extraordinary circumstances. It is an emergency proposal for the short-term (five years). It builds on previous editions of the plan, first presented at the onset of the crisis, and updated since periodically.

“This plan should be evaluated in its totality, in terms of its overall impact. The major economic challenges can no longer be dealt with one-by-one, in a ‘retail’ manner. The approach needs to be ‘wholesale’, tackling the fundamentals of our system, and making many changes all-at-once,” said the report.

The plan focuses on three main pillars: Reinvigorating the private sector, setting up a new socio-economic contract between the economic stakeholders (State, labor, and employers), and reforming the fiscal, monetary and financial sectors. The proposed socio-economic contract entails a revision of wages, elimination of direct taxes on SMEs, increases in VAT, and the establishment of a ‘Poverty Alleviation Fund’. The plan details hundreds of short and long term measures for almost every economic and business sector.

Some of the plan’s proposed measures are controversial and are expected to generate debate. “The plan is intended to steer the debate away from the traditional socio-economic policy frameworks, devised at least a generation ago, and to reengineer the economy to address contemporary priorities,” the report said.

The plan was developed after extensive consultations with a wide array of policymakers, international organizations, private sector leaders and companies, labor representatives, economists, and other stakeholders.

More than 200 companies, business leaders, and economists have already endorsed the plan. Infopro has called upon interested parties to review and eventually endorse the plan. It can be accessed at www.infopro.com.lb/revival.
Date Posted: Jan 22, 2021
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