Lebanon crisis among world’s worst since 1850s: World Bank ...Middle East

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Lebanon crisis among world’s worst since 1850s: World Bank
source : Daily Sun ( Middle East ) () 11
BEIRUT: Lebanon’s economic collapse is likely to rank among the world’s worst financial crises since the mid-19th century, the World Bank said in a damning report released Tuesday.The report predicts that Lebanon’s economy will shrink by close to 10% in 2021 and stresses there is “no clear turning point in the horizon”.Lebanon defaulted on its debt last year, the currency lost around 85% of its value and poverty is devastating a country once seen as a beacon of prosperity in the region.“The economic and financial crisis is likely to rank in the top 10, possibly top 3, most severe crisis episodes globally since the mid-nineteenth century,“ the report said.The latest World Bank Lebanon Economi

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