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World Bank Classifies Lebanon’s Crisis As “Top 3 Worst” In Modern History
Another shameful milestone.
In the World Bank Economic Monitor Report on Lebanon published just yesterday, the first line reads, “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”.
The report then goes on to detail some of the technical aspects of this crisis, highlighting the fact that Lebanon’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%.
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 “sadly no clear turning point on the horizon, given the disastrous deliberate policy inaction”.
Put simply, due to the ineptitude and callousness of our ruling class, this crisis has no end in sight.
The report concludes by stating that the social impact of the crisis “which is already dire, could rapidly become catastrophic; more than half the population is likely below the national poverty line”.
In the World Bank Economic Monitor Report on Lebanon published just yesterday, the first line reads, “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”.
Boo hoo. He even had to have his daughter send it from Switzerland.
— Beirut.com (@BeirutCityGuide) May 24, 2021
The report then goes on to detail some of the technical aspects of this crisis, highlighting the fact that Lebanon’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%.
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 “sadly no clear turning point on the horizon, given the disastrous deliberate policy inaction”.
While we scramble to pay rent.
— Beirut.com (@BeirutCityGuide) May 6, 2021
Put simply, due to the ineptitude and callousness of our ruling class, this crisis has no end in sight.
The report concludes by stating that the social impact of the crisis “which is already dire, could rapidly become catastrophic; more than half the population is likely below the national poverty line”.