The huge slump in business activity and sales that was recorded in 2020 is attributed to the co-occurrence of both the economic and financial crises and heightened Covid-19 restrictions. The pandemic has disrupted business activity worldwide and negatively affected global economic growth. Around 93 percent of local companies reported a plunge in sales in 2020 but the sales performance of businesses partially recovered in 2021 and improved further this year.
Slump continued in 2021 but at a slower pace
Easing the Covid-19 restrictions in 2021 ought to have produced a significant rebound in business activity as has happened globally, but the worsening crises in Lebanon prevented a recovery. The pace of the decline in sales (in fresh dollars), however, slowed down in 2021 thanks to the waning impact of the pandemic and since sales have already hit a bottom by plummeting by an
