Beirut, Lebanon protests The economy of Lebanon is witnessing a once-in-a-century collapse.
Amid hyperinflation and inconsistent power supplies following a massive explosion in Beirut last year, Lebanon may be witnessing one of the worst three economic depressions since the nineteenth century, according to the World Bank .
The organization explains: Lebanon’s GDP plummeted from close to US$ 55 billion in 2018 to an estimated US$ 33 billion in 2020, with US$ GDP/ capita falling by around 40 percent. Such a brutal and rapid contraction is usually associated with conflicts or wars. This illustrates the magnitude of the economic depression that […]
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