Lebanon's economic depression "orchestrated by elite": World Bank

Jan 26, 2022 AlShorts Web Desk

Lebanon's economic depression "is orchestrated by the country's elite" and "has come to threaten the country's long-term stability and social peace," the World Bank said. Lebanon's descent into financial ruin began in 2019, the result of a poorly managed spending binge that pushed up debt and political paralysis. Real GDP is estimated to have declined by 10.5%, according to the World Bank Lebanon Economic Monitor.