Going virtual to survive Lebanon’s financial crisis

ENAR

IN BRIEF The virtual working model benefits employers and employees.It has the potential to foster decentralized economic growth.It can be a shield for businesses in times of crisis. The political crisis in Lebanon has compounded an economic crisis that has been looming in the shadows for decades. News of business closures, salary reductions, and layoffs are added worry to Lebanese already struggling under the burden of the ongoing liquidity and financial crisis. Without urgent reforms, the economy is at risk of experiencing a deep recession. Adapt to survive The current—and potential—consequences of these twin crises are catastrophic, especially to Lebanese businesses. In order to survive, companies must reduce their expenditures. Unfortunately, the first instinct in these circumstances is to lay off employees—this will only further damage the economy in the long run. Instead, companies must adapt to survive. This is where the virtual model can play a huge role. A