Factbox-How bad is Lebanon's economic meltdown?

By Reuters

Lebanon is suffering an economic meltdown that began in 2019 when the financial system collapsed under colossal state debts and the unsustainable way they were funded, while politicians have yet to come up with a rescue plan. – Gross domestic product has plunged to an estimated $20.5 billion in 2021 from about $55 billion in 2018, the kind of contraction usually associated with wars, the World Bank says, ranking the collapse as one of the worst globally since the mid-19th century. – The financial system has suffered eyewatering losses, including about $44 billion at the central bank related to failed efforts to prop up the currency, according to 2020 government figures, a level that is roughly twice the size of economic output.

…read more

Via:: Sports Headlines


Get 20% off hat purchases for ONLY $5! Join our LIDS Club @ lids.com.
%d bloggers like this: