Lebanon

Lebanon: Falling Into The Abyss

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Lebanon has been experiencing successive economic crises since 2019. These crises significantly worsened in 2020 and 2021 and directly affected most segments of society. The purchasing power sharply declined and prices dramatically increased as a result of the deprecation of the local currency to unprecedented levels. The country is also witnessing a severe shortage of basic goods and services and a significant increase in poverty and unemployment rates.

Although Lebanon suffers several crises, including the Coronavirus pandemic and the Beirut Port explosion, the economic crisis has had the greatest impact on the lives of the Lebanese. During the past year, the country suffered an economic depression caused by a 20.3% decline in GDP growth while inflation rates have reached more than 100%. In addition, the exchange rate of the Lebanese pound witnessed an unprecedented deterioration, and poverty rates intensely soared.