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Lebanese officials declare state of economic emergency
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Beirut, Sept. 3 -- Lebanon's political leaders declared what they called an economic state of emergency Monday following a meeting aimed at finding a solution to the country's economic crisis, raising concerns that more taxes will be imposed.
Lebanon has one of the world's highest public debts in the world, standing at 150% of gross domestic product. Growth has plummeted and budget deficit reached 11% of GDP as economic activities slowed and remittances from Lebanese living abroad shrank.
The government hopes to bring down the budget deficit to 7.6% of the GDP this year and to 6.5% in 2020.
The meeting at the presidential palace discussed measures to be taken in the near future and as part of the 2020 draft budget.
Prime Minister Saad...
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