Lebanon Businessnews News

220,000 jobs lost
estimated by InfoPro
40 percent reduction in salaries

and 12 percent of companies ceased operation

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More than 60,000 people are estimated to have lost their jobs since the end of November, bringing the total number of jobs lost since October to 220,000, or a 38 percent increase. The figures are the finding of two surveys conducted by InfoPro.

The number of companies that have closed increased by 20 percent in the past two months. During that period, of all companies, 12 percent ceased or suspended their operations. One third of all companies have reduced their workforce by 60 percent.

Half the companies surveyed have reduced salaries by more than 40 percent.

The first survey was executed during the last week of Nov. 2019 with a representative sample of 300 companies weighted according to region, size, and sector.

The second survey was completed during the last week of January 2020 with the same sample.

“The fragility of the private sector had started since the beginning of 2019, with companies reducing their overhead and number of employees, and lowering salaries. By October 17, most companies had already depleted their reserves, and many had lost their ability to resist the crisis, contrary to the situation in previous security or economic emergencies during the past 25 years,” said InfoPro’s report.
Date Posted: Feb 07, 2020
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