Arab News Digest

News from the Arab World

The World Bank: The Economic Crisis In Lebanon Is One Of The 3 Most Severe Crises In The World

Baghdad A World Bank report stated that “the economic and financial crisis in Lebanon is among the 10 most severe and perhaps one of the 3 most severe crises in the world since the middle of the nineteenth century.”
“There is no clear turning point for the crisis in Lebanon,” the report said.

The report pointed out that “the failure to implement rescue policies threatens the already deteriorating social and economic conditions in Lebanon.”

Earlier, the report conducted by the World Bank on the impact of the Coronavirus on food price inflation in the Middle East and North Africa indicated that the prices included in the food basket in Lebanon increased between the period from February 14, 2020 to May 10, 2021.

According to the report, Lebanon, along with Djibouti, was the only country in the region that recorded an increase of more than 60 percent in the price of fresh or frozen beef.


Source: National Iraqi News Agency