The Syndicate’s communiqué indicated that 240 institutions closed up shop in January alone.

It noted that the closure in each governorate has increased with Mount of Lebanon witnessing 54.6%, being the highest in 2019, followed by Beirut 29.4%, North governorate 6.7%, South governorate 6.6% and last but not least Bekaa with 2.5 percent.

Lebanon's economy and finances were beholding zero growth and low inflows of remittances from abroad, compounded by a lack of purchasing power, all leading to its collapse.