The skyline of Beirut, the capital of Lebanon, is dotted by construction cranes. From the terrace of a swanky hotel, one can see at least a dozen and a half such cranes, building luxury apartments that cost up to $1 million each. The rich in the country deliberate on investment opportunities and socialize with Gulf tourists who visit the capital to enjoy the indulgent nightlife. Construction, finance, and tourism industries drive the economy of Lebanon, and all three appear to be growing at first glance.
However, the reality of the situation in Lebanon is quite grim. The construction industry, which employs one in ten people, is not in good shape. Despite all the busy cranes insight, the construction industry is turning sluggish. Firstly, In the first six months of 2018, the number of permits granted for construction activities was 9% lower than this number for the same period in 2017. Moreover, transactions of real estate also declined by 17% year on year in the first quarter of 2018. The tourism industry, which contributed significantly to Lebanon’s economy in the past, has become unreliable over the past couple of decades. It is true that the number of tourists visiting the country was at a five-year high in 2018. However, this number was insignificant compared to that during the busiest season in 2010. A political turmoil in Saudi Arabia, the country that contributes the largest share of tourist spending in Lebanon, reduced the number of Saudi visitors by 19 percent in 2018, leading to a 14% drop in hotel occupancy. The finance sector is no better. The country is headed towards a banking crisis that poses a significant threat to its currency. The first banking quarter of the year, that usually attracts investors from neighboring regions has faced a lack of interest from investors at a level never seen before – this could have serious ramifications for the country’s finances.
1. The passage is primarily concerned with: A. Revealing the reality to bust a generally accepted notion.
B. Presenting evidence to debunk a notion about a situation falsely perceived as grim.
C. Raising concern about an unanticipated situation that is worse than it looks.
D. Presenting the truth about a situation that is opposite to what it appears to be.
E. Warning against a bleak situation by presenting statistics.
2. Which of the following can be inferred from the passage?A. Beirut is the most visited city in Lebanon for its attractive nightlife.
B. Lebanon’s banking crisis is the most noteworthy hazard to the economy of the country.
C. Saudi Arabia is the country that contributes the largest share of tourists to Lebanon typically.
D. If investors from the neighboring regions agree to help, Lebanon’s economy can be saved.
E. The loss of tourism from no single country is likely to have as big a financial impact on Lebanon’s tourism economy as Saudi Arabia.
3. Which of the following is true according to the passage?A. The indulgent nightlife of Beirut is a lucrative sector for investments.
B. The real estate business is not as unreliable as the tourism industry.
C. The construction industry is the largest employer in Lebanon at present.
D. Despite the turmoil in Saudi Arabia, more tourists visited Lebanon in 2018 than did in 2016.
E. The rich in Lebanon can find good investment opportunities with help from Gulf tourists.
4. Which of the following is not necessarily true based on the passage?A. The number of tourists visiting Lebanon was higher in 2018 than in 2017.
B. Due to the turmoil in Saudi Arabia, there was a drop in hotel occupancy in Lebanon.
C. With regard to construction activities, the first 6 months of 2018 saw a reduction in permits granted, as compared to the previous 6 months.
D. The construction industry is one of the main industries driving the economy of Lebanon.
E. Lebanon is moving towards a banking crisis that has the potential to cause problems for the national currency.
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21 Feb 2022, 07:00
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