(MENAFN- GlobeNewsWire - Nasdaq) BEIRUT, Lebanon, Aug. 13, 2021 (GLOBE NEWSWIRE) -- Lebanon has been experiencing a wrenching economic crisis for the past 18 months. Reportedly, GDP declined by 25% in 2020 and is expected to decline by another 10-15% in 2021.
There are many questions regarding the crisis, including how a short-term macro-stabilization plan should be designed for any upcoming Lebanese government? Is there a way to maximize the chances of recovering from the dwindling foreign currency reserves at the central bank? How should subsidies be reformed? Can the Lebanese financial system be restructured so that fairness is maintained & trust is restored? How can the interests of Lebanon's bankers and political establishment be effectively disentangled?
What is Ryzomes' Democratic Economy Conference?
Ryzomes has been unveiled at the Democratic Economy Conference to an audience of key local actors interested in identifying alternative solutions to the overlapping economic crises. Its innovative economic solutions that promote sustainability in economic growth are based on both democratic and community-engaged approaches and are poised to make Ryzomes the leading firm in Lebanon and the MENA region.
“Lebanon is definitely an example of how an economic model can go wrong. With all things going wrong this was a motive for our team which sensed, since 2018, that the economic model of Lebanon was heading towards a fast-paced collapse. Believing that the economy can't be saved unless we move towards an alternative economic model based on innovative approaches & democratic principles, those beliefs started to materialize towards the end of 2019 in sincere efforts, one of which is the Democratic Economy Conference,” said Alaa Sayeg co-founder at Ryzomes, affirming their social enterprise's mission to expand the conversation around innovative economic alternatives.
“And for the Lebanese economy to move from monopolies to a more permanent and resilient economy, the launch of the Democratic Economy Conference was inevitable and necessary to start the discussion, planning, and an open workshop over a period of 1 year to re-imagine and rebuild the economy of Lebanon,” said Maher Abou Shackra, co-founder at Ryzomes. And he added:“Our goal is to transition towards a productive democratic economy and to move from an economy that revolves around numbers and the accumulation of profits to an economy centered on society, nature, people, production and the achievement of abundance.”
The work of Ryzomes with local initiatives and the Democratic Economy Conference has resulted in such economic contributions. In 2021, there will be four core themes. The first theme is titled“solidarity economy enterprises”, while the 2nd theme discussed alternative financial solutions, technology, and innovation. These three will be reimagining the role of micro/small and medium enterprises and the fourth theme will be around social solidarity structures.
The enterprise is the best response to social and economic needs in Lebanon and the region. Besides organizing, and promoting local businesses with social aspects, the organization organizes local events throughout Lebanon to empower the community as a whole.
Tags social innovation enterprise social economic organizations Ryzomes
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