Lebanon’s economic crisis among world's worst in more than 150 years: World Bank
The World Bank says Lebanon's economic collapse is likely to rank among the world's worst financial crises since the mid-19th century.
According to a report published by the World Bank on Tuesday, the economic and financial crisis in Lebanon is likely to be among the top 10 or possibly the top three most severe crises the world has seen in more than 150 years.
The report said Lebanon's economy contracted by 6.7 percent in 2019 and 20.3 percent in 2020, and predicted that it would shrink by nearly 10 percent in 2021, stressing that there is “no clear turning point on the horizon.”
The World Bank said such brutal economic collapses are blamed on mismanagement by the political elite, and that "policy responses by Lebanon's leadership to these challenges have been highly inadequate.”
The monetary institution warned in its report of "potential triggers to social unrest" in Lebanon as the country is grappling with political and economic crises.
"The sharp deterioration in basic services would have long-term implications: mass migration, loss of learning, poor health outcomes, lack of adequate safety nets, among others," the report added.
The increasingly dire economic satiation over the past 18 months in the Arab country is widely blamed on corruption, the US sanctions, the coronavirus pandemic and a devastating explosion at Beirut port that left more than 200 people dead
Lebanon has been without a government since last August.
Lebanon's economy has been in a free-fall state since former Prime Minister Saad Hariri announced his resignation and that of his cabinet’s in October 2019.
The Lebanese pound has continued to plummet against the US dollar, losing 90 percent of its value in just two years while sources of foreign currency have dried up.
The financial crisis has prompted sporadic anti-government rallies, with protesters blocking key roads in anger at the entrenched political elite that has dominated since the 1975-1990 civil war.
The United States has also taken Lebanon under sanctions, taking issue with the prominent status and popularity of the Hezbollah resistance movement in the country. The US has blacklisted the group, which has fought off several Israeli wars and is part of the country’s defense power against any potential recurrence of aggression.
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