World Bank: Lebanon’s economic crisis will be ranked among the three most severe global crises since the 19th century

WASHINGTON, D.C. — In a recent report on the economic collapse in Lebanon, The World Bank indicated that the crisis is one of the most serious in the world.

Lebanon is in the midst of a deepening and severe economic crisis as the Lebanese Pound continues to collapse against the U.S. Dollar. High unemployment rates plague the country and most of the Lebanese people are at or below on the poverty line.

According to the World Bank, Lebanon’s economic crisis is likely in the top three worst economic crises the world has seen since the middle of the 19th century.

The report noted Lebanon’s potential economic outlook is poor, particularly after experiencing the challenges of the biggest economic and financial crisis, the coronavirus pandemic, and the Beirut port explosion.

One in five workers lost their jobs, 41% of families had difficulty securing food and basics of life, and 36% had difficulty accessing medical care, the report said.

It also noted that Lebanese who are paid their salaries in Lebanese Pounds, which is the majority of the workforce, will see their purchasing power decline.

The World Bank also predicted a 100% rise in prices in 2021, as well as the continued collapse of the Lebanese Pound against the U.S. Dollar.