Lebanon’s New Poor Face Long-Term Economic Insecurity
Lebanon is a former middle-income country, one that is neither rich nor poor. But its financial system collapsed in 2019.
The collapse led to a great drop in the value of the Lebanese pound. And the United Nations says that event has led four out of five Lebanese people to become poor.
State services have broken down. Financial support to reduce the costs of goods has been removed. And tens of thousands of Lebanese have left the country seeking jobs in other countries. It is the biggest emigration wave since the 1975-1990 civil war.
Lebanese political leaders admitted that the crisis was the result of many years of wasteful spending and corruption. And the World Bank called the crisis a “deliberate depression” created by those with political and financial power.
Now, economists say it will deepen if politicians delay passing reforms agreed with the International Monetary Fund (or IMF) in April. The passing of these reforms is…
