World Bank official ranks Lebanon’s crisis among three worst crises in world

BEIRUT — The United Nations, European Union, and World Bank held its fourth meeting to discuss the framework of reform, reconstruction, and economic recovery in Lebanon. The meeting was chaired by Lebanese Prime Minister Najib Mikati.

During the meeting, Director of the Middle East Department at the World Bank Saroj Kumar Jha stated that, “Lebanon has witnessed several crises, but this crisis is the worst, and is classified among the three worst crises in the world. The economic situation is terrible and it is necessary to achieve stability at the macroeconomic level.”

Kumar Jha indicated that the Lebanese economy has contracted some 60% since 2020. However, he expressed his optimism about the National Reform Program led by the Lebanese government.

He also warned that if this program does not work well, it would lead to an even greater economic contraction and worsen the economic crisis.