BEIRUT, May 18 (Xinhua) -- The head of Beirut Traders Association said on Saturday that retail shops in different areas in Beirut have shut down since 2018.
"Our sales have dropped by 40 percent while our profits have also been reduced by 80 percent," Nicolas Chammas was quoted as saying by Elnashra, an online independent newspaper.
This is disastrous because trade is among Lebanon's most important sectors, Chammas added.
"The sector constitutes one third of the economy and it provides job opportunities for 27 percent of the labor force," he explained.
Chammas warned that the situation has crossed the red line in the sector as hundreds of factories closed down during the same period.
Chammas previously called on the government to avoid imposing new taxes on the new 2019 budget because traders cannot take more tax burdens.
The banks should be more flexible when providing loans to retail shops, he added.
