Lebanon crisis could rank among world’s three worst
Islam News – Lebanon’s financial and economic crisis could rank as one of the world’s three most severe since the mid-19th century, concludes the latest Lebanon Economic Monitor released by the World Bank on Tuesday.
Lebanon’s descent into what could end up being one of the top three worst crises in 150 years has been stunningly swift. The country’s gross domestic product (GDP) – which measures the total output of goods and services – nosedived from close to $55bn in 2018 to an estimated $33bn last year, the report noted, with GDP per capital plummeting by around 40 percent.
“Such a brutal and rapid contraction is usually associated with conflicts or wars,” said the World Bank.
The report pulls no punches in its criticism of Lebanon’s political elites, accusing the country’s authorities of deliberately mounting an inadequate policy response to the country’s compounded crises including the rapid deterioration of economic and financial conditions, the COVID-19 pandemic and last year’s Port of Beirut explosion.