Wednesday, December 01, 2021

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Lebanon’s economic crisis ranks among world’s worst

Lebanon’s economic crisis ranks among world’s worst

Beirut, Jun 1 (Prensa Latina) The economic and financial crisis in Lebanon ranks among the world's worst since mid-19th century, stated a World Bank report released in Beirut on Tuesday.
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The report predicts that Lebanon’s economy will shrink by 10 percent in 2021 and stresses there is no clear turning point in the horizon.

Lebanon defaulted on its debt last year, the currency lost around 90 percent of its value and poverty devastated more than half of the six million inhabitants.

This country’s economic debacle, accentuated since October 2019, is widely blamed on corruption, treasury looting and poor governance.

The increasingly dire socio-economic conditions risk systemic national failings with regional and perhaps global effects, the World Bank states.

According to the International Monetary Fund, the Lebanese economy contracted by 6.7 percent in 2019 and 20.3 percent in 2020. Forecasts for 2021 imply little possibilities of an immediate recovery.

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