Christmas in Lebanon not so merry as economic crisis bites

Christmas in Lebanon not so merry as economic crisis bites

Author: ReutersID: 1577012528676401200Sun, 2019-12-22 11:00

BEIRUT: Rafi Tabakian's clothing store in a Beirut suburb is usually buzzing with customers during the holiday season, but with Lebanon's economy in ruins, shoppers are in short supply.

"We've been in business for 30 years, and I've never seen anything like this,“ he said, adding that sales have dropped 80 percent in December even though he has cut his prices.

"Now we see customers entering, asking for the price, and then leaving. It's scary,“ Tabakian, who produces and sells clothes in the densely populated, commercial Burj Hammoud neighborhood of the capital, said.

Lebanon is suffering its worst economic crisis, rooted in decades of state corruption and waste, since the 1975-1990 civil war, leaving streets dimmer and shopping centers emptier, with many stores and restaurants void of customers.

The economic woes have sparked huge protests against the ruling elite, banks are imposing capital controls, pressure has piled on the pegged Lebanese pound, and a hard currency crunch has pushed importers to hike prices.

Hotel bookings, flights and events have plunged during what is usually a busy commercial season for Lebanon, which has the Arab world's biggest proportion of Christians.

Many from Lebanon's large diaspora normally return home to streets packed with cars and decked