Lebanese Analyst: People’s Suffering Increasing Due to Economic Crisis

A Lebanese analyst revealed that the people’s suffering is increasing due to the economic crisis. The economic collapse that Lebanon has been experiencing since the summer of 2019 has become the most severe ever. More than half of the Lebanese population is now living below the poverty line, and the Lebanese pound has lost over 90 percent of its value against the dollar, while the prices of essential goods have risen by more than 700 percent.

Unstable Situation

Numerous reports have disclosed that Lebanon, which in recent decades was considered a place of “relative calm in a turbulent region,” is now living in the midst of an economic collapse that happens once in a century. The economic crisis in the country could be classified as one of the top three crises in the world in the past 150 years.

Unending Suffering

Bassel al-Terjuman, a Lebanese writer and analyst, states that Lebanon’s crisis is considered worse than Greece’s crisis that erupted in 2008, which led to the displacement of tens of thousands of people and years of social unrest. Lebanon has suffered from years of poor government management and corruption that resulted in a financial crisis in 2019.

He added in a statement that what is happening in Lebanon today has not even occurred during the years of the civil war. He emphasized that the Lebanese economy has faced massive crises for over a year.

He affirmed that the Lebanese people’s suffering is increasing due to the economic crisis, and action must be taken now to pull Lebanon out of this crisis as soon as possible. Lebanon’s economic crisis ranks among the top three most severe financial crises in the world since the mid-19th century.