This is the largest contraction of the 193 countries listed by the international institution in a report released here.

It is a deliberate depression orchestrated by the Lebanese ruling elite, which controlled the country since late 20th century.

The collapse began in October 2019 as a result of which nearly 80 percent of the population fell below the poverty line.

The World Bank analyzed 2021 for which it estimated a 10.5 percent drop in the GDP from the 21.4 contraction in 2020.

According to World Bank Regional Director Saroj Kumar Jha, Lebanon has to undertake a credible path towards the economic and financial recovery, otherwise a complete destruction of its social and economic networks and irretrievable losses of human capital will occur.

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