The economic crisis is escalating in Lebanon, with alarming indicators that the country is on the verge of collapse
Lebanon is living through one of its worst economic crises in decades. With poverty rates exceeding 50%, high unemployment rates, a collapse in the Lebanese lira’s exchange rates, which caused inflation to skyrocket, and a monetary crisis and scarcity of hard currency, investors and international financial organizations have lost confidence in the economy’s ability to rise and continue.
Serious Indicators
A report by Rouya revealed that there are dangerous indicators that have pushed Lebanon to the brink of collapse amid suicides and a general decline in the state of affairs. Even electricity and communications, which are necessary for people, are unavailable for long hours due to the energy costs associated with producing it.
Deepening Economic Crisis
Lebanese political analyst Dr. Mohammed Saeed Al-Arz says that the majority of people in Lebanon are unable to secure their social and economic rights amid a worsening economic crisis, as families with limited income bear the brunt of the crisis. He noted that the economic collapse, which Lebanon has witnessed for nearly a year, is the worst in decades, and the repercussions have not spared any social group. Tens of thousands have lost their livelihoods or a portion of their income amid an unprecedented wave of high prices and a rise in poverty rates.
The Lebanese political analyst added: Lebanon is facing the worst economic crisis in modern history, after the Lebanese pound lost more than 90% of its value in recent months, and specifically since October when anti-corruption protests began in the country, all of these things are due to the incomplete institutions and the continuation of the political crisis at the present time.
