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World Bank says LEBANESE economy is in recession

World Bank says LEBANESE economy is in recession

The World Bank stated in a press statement linked to its latest report on Lebanon on Tuesday that the Lebanese economy is in recession, which is “orchestrated by the nation’s elite leaders” and “endangers long-term stability and social harmony in the country.”

Lebanon’s financial catastrophe began in 2019 as a consequence of mismanagement of large expenditure, which resulted in rising debts and political stalemate as competing groups feuded, and international lenders refused to bail out the country until changes were implemented.

The World Bank ranks the crisis as one of the world’s worst since the mid-nineteenth century since it decimated a nation that had previously been regarded as a hub of affluence and liberalism in the Middle East before the onset of the 1975-1990 civil war.

“The purposeful recession in Lebanon is organized by the country’s elite leaders, who have long controlled the reins of the state and monopolized its economic gains,” according to the press release, quoting from the Lebanese Economic Monitor report for autumn 2021.

“This hegemony has persisted despite the severity of the crisis – one of the ten most severe crises, and possibly the three most severe crises in the world since the 1850s – and it has come to jeopardize the country’s long-term stability and social peace,” he continued, “and it has come to jeopardize the country’s long-term stability and social peace.”

According to the bank’s press release, government revenues would nearly half in 2021, reaching 6.6 percent of GDP, the third-lowest in the world behind Somalia and Yemen.

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