News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
25
o
Bekaa
17
o
Keserwan
27
o
Metn
27
o
Mount Lebanon
19
o
North
28
o
South
23
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Al Shakikatan
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
25
o
Bekaa
17
o
Keserwan
27
o
Metn
27
o
Mount Lebanon
19
o
North
28
o
South
23
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Lebanon's economic depression "orchestrated by elite", World Bank says-[REPORT]
News Bulletin Reports
2022-01-25 | 00:55
High views
Share
Share
Lebanon's economic depression "orchestrated by elite", World Bank says-[REPORT]
Watch now
More details about online video viewing packages
3
min
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
Next
The Iranian Response: Awaiting Retaliation Amidst Escalating Tensions
Recommended For You
d-none hideMe
0
News Bulletin Reports
2024-09-26
Israel weighs US-French proposal as 21-day ceasefire with Lebanon sparks inner debate
News Bulletin Reports
2024-09-26
Israel weighs US-French proposal as 21-day ceasefire with Lebanon sparks inner debate
0
News Bulletin Reports
2024-09-26
Lebanon intensifies diplomacy amid tensions: What’s next for the Hezbollah-Israel ceasefire talks?
News Bulletin Reports
2024-09-26
Lebanon intensifies diplomacy amid tensions: What’s next for the Hezbollah-Israel ceasefire talks?
0
News Bulletin Reports
2024-09-25
Crossing the border: Displaced Lebanese seek shelter in Syria amid Israeli strikes
News Bulletin Reports
2024-09-25
Crossing the border: Displaced Lebanese seek shelter in Syria amid Israeli strikes
0
News Bulletin Reports
2024-09-25
Iran's shifting strategy: Diplomacy, supporting Resistance, and global engagement
News Bulletin Reports
2024-09-25
Iran's shifting strategy: Diplomacy, supporting Resistance, and global engagement
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Lebanon News
17:42
Israel strikes Beirut's southern suburbs as announced by its army
Lebanon News
17:42
Israel strikes Beirut's southern suburbs as announced by its army
0
World News
17:59
Biden ready to 'adjust' US forces in Mideast amid tensions: White House
World News
17:59
Biden ready to 'adjust' US forces in Mideast amid tensions: White House
0
Lebanon News
00:42
Israeli airstrikes target Nabatieh and surrounding areas, causing casualties
Lebanon News
00:42
Israeli airstrikes target Nabatieh and surrounding areas, causing casualties
0
Lebanon News
2024-09-25
Jean Abboud: All airlines suspended flights to Beirut airport; MEA plays major role in facilitating travel for Lebanese
Lebanon News
2024-09-25
Jean Abboud: All airlines suspended flights to Beirut airport; MEA plays major role in facilitating travel for Lebanese
Videos
d-none hideMe
0
Lebanon News
2024-09-26
Explosion heard in Beirut’s southern suburbs as Israeli airstrike hits (video)
Lebanon News
2024-09-26
Explosion heard in Beirut’s southern suburbs as Israeli airstrike hits (video)
0
Lebanon News
2024-09-25
Israel targets Ras Osta, Bechtelida in Byblos district; announces ground operation plans
Lebanon News
2024-09-25
Israel targets Ras Osta, Bechtelida in Byblos district; announces ground operation plans
0
Lebanon News
2024-09-25
Israeli strike targets Ras Osta in Byblos District, Lebanon (video)
Lebanon News
2024-09-25
Israeli strike targets Ras Osta in Byblos District, Lebanon (video)
0
Lebanon News
2024-09-24
Israeli airstrike targets Jiyeh-Saadiyat area (Video)
Lebanon News
2024-09-24
Israeli airstrike targets Jiyeh-Saadiyat area (Video)
0
Middle East News
2024-09-20
Iranian President Masoud Pezeshkian visits in Iran the injured people by pager explosions in Lebanon
Middle East News
2024-09-20
Iranian President Masoud Pezeshkian visits in Iran the injured people by pager explosions in Lebanon
0
Lebanon News
2024-09-12
Fire erupts at Bourj Hammoud landfill, black smoke covers areas near Beirut (Video)
Lebanon News
2024-09-12
Fire erupts at Bourj Hammoud landfill, black smoke covers areas near Beirut (Video)
0
News Bulletin Reports
2024-08-26
LBCI Exclusive: Canada's Ambassador to Lebanon supports UNIFIL mandate renewal, aims to strengthen LAF capabilities
News Bulletin Reports
2024-08-26
LBCI Exclusive: Canada's Ambassador to Lebanon supports UNIFIL mandate renewal, aims to strengthen LAF capabilities
0
Lebanon News
2024-08-25
Hezbollah reveals footage of strikes in second phase of 'Day of Arbaeen' operation
Lebanon News
2024-08-25
Hezbollah reveals footage of strikes in second phase of 'Day of Arbaeen' operation
0
Lebanon News
2024-08-25
Hezbollah publishes new video revealing Israeli sites targeted in retaliation for assassinating its commander Fouad Shokor
Lebanon News
2024-08-25
Hezbollah publishes new video revealing Israeli sites targeted in retaliation for assassinating its commander Fouad Shokor
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
11:24
Israel hits Beirut's southern suburbs causing loud explosions
Lebanon News
11:24
Israel hits Beirut's southern suburbs causing loud explosions
2
Lebanon News
12:41
Haaretz: Hezbollah chief Hassan Nasrallah reportedly survived assassination attempt
Lebanon News
12:41
Haaretz: Hezbollah chief Hassan Nasrallah reportedly survived assassination attempt
3
Lebanon News
16:23
Israeli Army Calls for Evacuation of Neighborhoods in Beirut’s Southern Suburbs
Lebanon News
16:23
Israeli Army Calls for Evacuation of Neighborhoods in Beirut’s Southern Suburbs
4
Lebanon News
11:42
Israeli army spokesperson Adraee: Israeli army attacked the central command headquarters of Hezbollah
Lebanon News
11:42
Israeli army spokesperson Adraee: Israeli army attacked the central command headquarters of Hezbollah
5
Lebanon News
17:42
Israel strikes Beirut's southern suburbs as announced by its army
Lebanon News
17:42
Israel strikes Beirut's southern suburbs as announced by its army
6
Lebanon News
20:13
Israel issues new evacuation warning for Borj El Brajneh and Hadath residents in Beirut southern suburbs
Lebanon News
20:13
Israel issues new evacuation warning for Borj El Brajneh and Hadath residents in Beirut southern suburbs
7
Middle East News
14:51
Israel decided on Nasrallah assassination attempt last Monday, Channel 12 reports
Middle East News
14:51
Israel decided on Nasrallah assassination attempt last Monday, Channel 12 reports
8
Lebanon News
17:20
Source close to Hezbollah tells Reuters: Communication 'cut off' with senior leaders of the group
Lebanon News
17:20
Source close to Hezbollah tells Reuters: Communication 'cut off' with senior leaders of the group
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More