Lebanon's economic depression "orchestrated by elite", World Bank says-[REPORT]

News Bulletin Reports
25-01-2022 | 00:55
High views
Share
LBCI
Share
LBCI
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
Lebanon's economic depression "orchestrated by elite", World Bank says-[REPORT]
LBCI
Watch now
More details about online video viewing packages
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
3min
Lebanon's economic depression "orchestrated by elite", World Bank says-[REPORT]
Lebanon's economic depression "is orchestrated by the country's elite" and "has come to threaten the country's long-term stability and social peace," the World Bank said in a press release on Tuesday attached to its latest report on the country.
 
Lebanon's descent into financial ruin began in 2019, the result of a poorly managed spending binge that pushed up debt, political paralysis as rival factions squabbled and foreign lenders' reluctance to bail the country out unless it reformed. The World Bank ranks the crisis as among the most severe globally since the mid-19th century, devastating a country once seen as a wealthy and liberal outpost in the Middle East before civil war broke out from 1975 to 1990.
 
"Lebanon's deliberate depression is orchestrated by the country's elite that has long captured the state and lived off its economic rents," the release said citing the World Bank Lebanon Economic Monitor Fall 2021 report.
 
"This capture persists despite the severity of the crisis -one of the top ten, possibly top three most severe economic collapses worldwide since the 1850s; it has come to threaten the country’s long-term stability and social peace." Lebanese government revenues fell by almost half in 2021 to reach 6.6% of its gross domestic product (GDP) marking the 3rd lowest ratio globally after Somalia and Yemen, the bank said in its press release on Tuesday.
 
Real GDP is estimated to have declined by 10.5%, according to the World Bank Lebanon Economic Monitor, while gross debt is estimated to have reached 183% percent of GDP in 2021, a ratio only exceeded by by Japan, Sudan and Greece, the release said.
 
"Deliberate denial during deliberate depression is creating long-lasting scars on the economy and society," said Saroj Kumar Jha, World Bank Mashreq Regional Director.
 
"Over two years into the financial crisis, Lebanon has yet to identify, least of all embark upon, a credible path toward economic and financial recovery," he added.
 
 
REUTERS
 
 
 
To watch the full report, please click on the image above. 
 
 
 

 

Breaking Headlines

Lebanon News

News Bulletin Reports

Lebanon

Economic

Depression

Elite

World Bank

Lebanese

Crises

LBCI Next
2025 in Lebanon: LBCI reflects on a year of challenges, coverage, and coexistence
Recommended For You
d-none hideMe
LBCI
News Bulletin Reports
13:05

Rome talks on Lebanon face uncertainty amid US-Iran escalation

LBCI
News Bulletin Reports
2026-07-10

Salam’s Turkey visit: Where does Lebanon stand amid shifting regional alliances?

LBCI
News Bulletin Reports
2026-07-10

Lebanon’s non-biometric passports to become invalid in 2026: Here’s how to get a biometric passport

LBCI
News Bulletin Reports
2026-07-10

Netanyahu intensifies Lebanon rhetoric as Israel steps up pressure on Beirut

Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
LBCI
Middle East News
09:52

Yemen leader says will not expand confrontation after airport attack

LBCI
Middle East News
2026-03-10

Trump tells Fox News he may be willing to talk with Iran

LBCI
World News
2026-06-15

Trump may release US-Iran agreement before Friday, Vance says

LBCI
Middle East News
11:01

US says will charge cargo ships in Hormuz and reinstate blockade

Videos
d-none hideMe
LBCI
Lebanon News
2026-06-26

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

LBCI
Lebanon News
2026-06-26

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

LBCI
Lebanon News
2026-06-26

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

LBCI
Lebanon News
2026-06-20

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

LBCI
Lebanon News
2026-06-19

Massive Israeli strikes hit South Lebanon under ceasefire conditions

LBCI
Lebanon News
2026-06-16

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

LBCI
Lebanon News
2026-06-06

Rene Mouawad Airport in Qlayaat opening ceremony held in presence of Lebanese officials—Video

LBCI
Lebanon News
2026-05-31

Israeli army releases footage of first tank crossing Litani River toward Beaufort Castle

LBCI
World News
2026-03-25

Iran uses cluster bombs to target Israel: AiTelly explains what happens when a missile is intercepted—Video

Most read
d-none hideMe
24 hours
7 days
Month
LBCI
News Bulletin Reports
13:05

Rome talks on Lebanon face uncertainty amid US-Iran escalation

LBCI
Lebanon News
05:10

LBCI source: Lebanese delegation in Rome seeks agreement on start of pilot zones implementation

LBCI
Lebanon News
04:35

Lebanon's PM Nawaf Salam arrives in Doha to offer condolences over death of Qatar's former Emir

LBCI
World News
03:28

Paris to summon Russia envoy over 'vast cyber campaign' in Europe: Minister

LBCI
Middle East News
12:57

One killed, two injured in attacks on southern Iran: State media

LBCI
Middle East News
08:36

Trump says US will likely control Strait of Hormuz and charge fees

LBCI
Middle East News
07:52

Houthi forces say will respond to Saudi airport strikes

LBCI
Middle East News
04:20

Iran says Lindsey Graham was 'malicious' after US senator's death

Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
Download now the LBCI mobile app
We use
cookies
We use cookies to make
your experience on this
website better.
Accept
Learn More