Posted on 08/08/2021 7:48:06 PM PDT by E. Pluribus Unum
The economy of Lebanon is seeing a once-in-a-lifetime collapse amid hyperinflation and outages, according to a report from the World Bank.
The small Middle Eastern country has seen inconsistent power supply and outages after the massive explosion in its capital, Beirut, last year. The country, which is also dealing with hyperinflation, is seeing one of the worst three economic depressions globally since the mid-1800s, according to the World Bank.
“Lebanon’s GDP plummeted from close to US$55 billion in 2018 to an estimated US$33 billion in 2020, with US$GD/capita falling by around 40 percent,” said the organization in a recent news release accompanying its report (pdf). “Such a brutal and rapid contraction is usually associated with conflicts or wars” although Lebanon has been considered a state prone to conflict and violence, said the report.
And increasingly “dire socio-economic conditions,” it added, “risk systemic national failings with regional and potentially global consequences.”
“This illustrates the magnitude of the economic depression that the country is enduring, with sadly no clear turning point on the horizon, given the disastrous deliberate policy inaction. 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,” according to the report.
(Excerpt) Read more at theepochtimes.com ...
Replying to post 1, yup. That’s what the Swamp has planned for us.
France 24 did a program on Lebanon’s economic crisis maybe 6 months ago. People there developed phone software to facilitate what amounts to barter trading. It’s been going downhill for a while now.
Once the Paris and financial hub of the Mid East ... shows what a bunch of Muslims can do when they put their minds to it.
If Moslems aren’t available, Democrats make a good second best.
I had no clue. This is the first I am hearing of the Lebanese economic depression. Thans for posting, and I agree that this is planned for the USA.
Bttt.
5.56mm
Israel needs to move in before the situation deteriorates even further.
The Lebanese people need a large supply of ammonium nitrate to get rid of Hezbollah.
Oh wait, nevermind.
5.56mm
Is that true? Their economy is that dependent on a single export?
LOL no not true. But Arak is some good tasting fire water.
Thanks. I figured it was a humorous remark, but we live in such weird times that it might be true.
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