BEIRUT – Lebanon’s economy faces an “arduous and prolonged depression,” with real GPD projected to plunge by nearly 20% because its politicians refuse to implement reforms that would speed up the country’s recovery, the World Bank said Tuesday.
It said Lebanon should quickly form a reform-minded government to urgently carry out the reforms. The crash of the local currency has already led to triple-digit inflation.
The dire projections by the World Bank, including a 19.2% drop in gross domestic product this year alone, come as Lebanon suffers its worst economic and financial crisis in its modern history, posing a threat to the country's stability.