{"id":61954,"date":"2021-06-01T00:00:00","date_gmt":"2021-06-01T00:00:00","guid":{"rendered":"https:\/\/www.beirut.com\/61954\/world-bank-classifies-lebanons-crisis-as-top-3-worst-in-modern-history"},"modified":"2021-06-01T00:00:00","modified_gmt":"2021-06-01T00:00:00","slug":"world-bank-classifies-lebanons-crisis-as-top-3-worst-in-modern-history","status":"publish","type":"post","link":"https:\/\/www.beirut.com\/en\/61954\/world-bank-classifies-lebanons-crisis-as-top-3-worst-in-modern-history\/","title":{"rendered":"World Bank Classifies Lebanon&#8217;s Crisis As &#8220;Top 3 Worst&#8221; In Modern History"},"content":{"rendered":"Another shameful milestone.<br \/>  <br \/>  In the <a href=\"https:\/\/www.worldbank.org\/en\/country\/lebanon\/publication\/lebanon-economic-monitor-spring-2021-lebanon-sinking-to-the-top-3\" target=\"_new\" rel=\"noopener\">World Bank Economic Monitor Report on Lebanon<\/a> published just yesterday, the first line reads, &#8220;The Lebanon financial and economic crisis is likely to rank in the top 10, possibly top three, most severe crises episodes globally since the mid-nineteenth century&#8221;.<br \/>  <br \/>    <blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">Boo hoo. He even had to have his daughter send it from Switzerland.<\/p>&mdash; Beirut.com (@BeirutCityGuide) <a href=\"https:\/\/twitter.com\/BeirutCityGuide\/status\/1396743438738108425?ref_src=twsrc%5Etfw\">May 24, 2021<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>  <br \/>  <br \/>  The report then goes on to detail some of the technical aspects of this crisis, highlighting the fact that Lebanon&#8217;s GDP plummeted from $55 billion to $33 billion between 2018 and 2020, with the GDP per capita (a good indicator of the standard of living) falling by a staggering 40%.<br \/>  <br \/>  The same report stipulates that such severe contractions in an economy are often association with conflicts or wars, and goes on to state that the crisis has &#8220;sadly no clear turning point on the horizon, given the disastrous deliberate policy inaction&#8221;. <br \/>  <br \/>    <blockquote class=\"twitter-tweet\"><p lang=\"en\" dir=\"ltr\">While we scramble to pay rent.<\/p>&mdash; Beirut.com (@BeirutCityGuide) <a href=\"https:\/\/twitter.com\/BeirutCityGuide\/status\/1390231303681884185?ref_src=twsrc%5Etfw\">May 6, 2021<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>  <br \/>  <br \/>  Put simply, due to the ineptitude and callousness of our ruling class, this crisis has no end in sight. <br \/>  <br \/>  The report concludes by stating that the social impact of the crisis &#8220;which is already dire, could rapidly become catastrophic; more than half the population is likely below the national poverty line&#8221;. ","protected":false},"excerpt":{"rendered":"<p>Another shameful milestone.<\/p>\n","protected":false},"author":0,"featured_media":432009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ai_generated_summary":"","_preview_accessed":0,"footnotes":""},"tags":[],"media-embed-type":[],"class_list":["post-61954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"authorship":[72],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>World Bank Classifies Lebanon&#039;s Crisis As &quot;Top 3 Worst&quot; In Modern History<\/title>\n<meta name=\"description\" content=\"Another shameful milestone.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.beirut.com\/en\/61954\/world-bank-classifies-lebanons-crisis-as-top-3-worst-in-modern-history\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank Classifies Lebanon&#039;s Crisis As &quot;Top 3 Worst&quot; 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