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World Bank with shocking figures on Lebanon’s economy

World Bank with shocking figures on Lebanon’s economy

Beirut, Jan 26 (Prensa Latina) The World Bank (WB) released shocking figures on Lebanon, whose gross domestic product (GDP) decreased by 58 percent from 2019 to 2021, local media reported on Wednesday.
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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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