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Remittances forecast amounts to $6.9 billion
Remittance inflows are projected to reach $6.9 billion in 2020, according to the ‘Migration and Development Brief’ of the World Bank. The forecast is similar to levels achieved in 2017 and 2018, but seven percent below the figures of 2019. The WB had previously forecasted a decline of 17 percent in 2020 remittances. “Travel restrictions, lockdowns, and social distancing measures imposed in response to Covid- 19 have inflicted enormous adverse effects on lives and livelihoods,” said the World Bank report. “The adverse effects of the crisis in terms of loss of jobs and earnings, and exposure to and infection with Covid-19, have been disproportionately high for migrants, especially for those in informal sectors and relatively low-skilled jobs. In times of crisis, migrants tend to be more vulnerable to risks of unemployment than native-born workers,” the report said. Lebanon will be among the world’s top recipient countries in 2020 in terms of remittances as percentage of GDP.
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New car sales drop 72 percent to below 6,200
The number of new passenger cars sold in 2020 was 72 percent below, advisor to AIA, said that the Central Bank has turned down the request of car dealers to have access to foreign currency even for the import of spare parts. The decline in car sales was reflected on the taxes paid on vehicles including customs duties, VAT, and registration fees. These taxes fell from $265 million in 2018, to $165 million in 2019, and are estimated at $33 million in 2020, Saad said.
