Lebanon Businessnews News

160,000 jobs lost
Businesses: 10 percent closed
InfoPro survey shows one third of companies

cut salaries by 40 percent

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A survey undertaken by InfoPro Research during the last week of November 2019 shows that ten percent of companies have temporarily or permanently ceased operations since October 17.

More than 160,000 people were laid off of their jobs.

One third of companies have reduced the salaries of their employees by 40 percent on average.

Sales have witnessed an average reduction of 66 percent. Mostly affected were companies in the services sector that lost 73 percent of their business on average.

Manufacturing companies were the least affected. 87 percent of industrial companies saw their sales decrease 60 percent. But two percent saw their sales actually increase 16 percent, while 11 percent witnessed no change in sale levels.

The fragility of the private sector had started several months ago, with companies already reducing their overhead and the number of employees, as well as lowering salaries.

Most companies had already depleted their resources, and many had lost their ability to resist this crisis, contrary to the situation in the previous security or economic emergencies during the past 25 years.

The survey was conducted on a sample of 300 companies, representative and weighted according to region, size, and sector.

Date Posted: Dec 03, 2019
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