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World Bank: “Lebanon’s economic crisis will be deeper & longer than other crises.”
In a new report evaluating the root causes behind Lebanon’s social and economic crisis, the World Bank has labeled the country’s current state as a “deliberate depression”.
The report attributes the worsening of the economic crisis to “deliberate lack of effective policy action by authorities” which in turn has “subjected the economy to an arduous and prolonged depression”.
Throughout the report, the World Bank explores the factors that led to the current crisis, but also sheds light on the lack of reform policies and measures which could help soften the blow of the crisis and gradually help Lebanon get back up on its feet.
The issue with the economic crisis in Lebanon is not that it happened as it had been inevitable due to years of corruption, negligence, and faulty policies. Instead, the issue is lack of immediate action to recover Lebanon’s economy.
As the country sinks into poverty with more than half of the population projected to be poor by 2021 according to the report, authorities sit idle and continue to fight over their fair share of the upcoming government. Their main concern is not to relieve the Lebanese of the burden of the crisis, but rather to look out for their own personal benefits.
A lifeline is possible for Lebanon, but the ruling parties have yet to extend it.
Lebanon is in a Deliberate Depression with Unprecedented Consequences for its Human Capital, Stability, and Prosperity https://t.co/bZOUc82t4S via @WorldBank
— Bassel Salloukh (@bassel67) December 1, 2020
The report attributes the worsening of the economic crisis to “deliberate lack of effective policy action by authorities” which in turn has “subjected the economy to an arduous and prolonged depression”.
Throughout the report, the World Bank explores the factors that led to the current crisis, but also sheds light on the lack of reform policies and measures which could help soften the blow of the crisis and gradually help Lebanon get back up on its feet.
The issue with the economic crisis in Lebanon is not that it happened as it had been inevitable due to years of corruption, negligence, and faulty policies. Instead, the issue is lack of immediate action to recover Lebanon’s economy.
As the country sinks into poverty with more than half of the population projected to be poor by 2021 according to the report, authorities sit idle and continue to fight over their fair share of the upcoming government. Their main concern is not to relieve the Lebanese of the burden of the crisis, but rather to look out for their own personal benefits.
A lifeline is possible for Lebanon, but the ruling parties have yet to extend it.
