BEIRUT, Sept. 5 (Xinhua) -- Lebanon's economic bodies said Wednesday to take escalated measures if authorities do not accelerate the formation of the government, said a statement issued by the Chamber of Commerce, Agriculture and Industry in Beirut.
"We will not spare any efforts to take the necessary measures to stop the economy from deteriorating further," said the statement.
Economic bodies vowed to hold a series of discussions with General Labor Union and other syndicates in a bid to agree on the measures that should be taken next.
Lebanese Prime Minister designate Saad Hariri has been facing various hurdles to form a 30-member national unity government over the representations of the main Christian parties, the Druze sect and the Sunni representations from outside Hariri's Future Movement.
Local analysts warned on several occasions against the negative repercussions of any delay in cabinet formation.
Ghazi Wazne, a Lebanese independent economist, told Xinhua that the delay formation of government is sending a negative message to both investors and tourists.
"The unstable political and economic situation is affecting the arrival of tourists to Lebanon in addition to consumption by expatriates," the economist noted.
Moreover, Lebanese traders are appealing for quicker government formation to save the deteriorating retail sectors over the past year.
Retail shops in Lebanon suffered a 30-percent to 40-percent drop in sales in 2017, prompting many owners to shut down business to limit losses, Adnan Rammal, a member of Beirut's Merchants Association, told Xinhua.
Rammal said all retail sectors have witnessed a drop in sales except for basic items such as food and fuel.
