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Lebanese GDP to decrease by nearly 20% in 2020

The World Bank has proposed several reform measures as Lebanon continues to struggle with currency depreciation, the COVID-19 pandemic and more.
A picture shows a man standing at the booth of a money exchange company in the city of Jounieh north of Beirut on December 01, 2020. - Lebanon's economy is sinking into a "deliberate depression", the World Bank said on December 1 in a damning report stressing the authorities' failure to tackle the crisis. Lebanon's economy started collapsing last year as a result of years of corrupt practices and mismanagement. The crisis was made worse by a nationwide wave of anti-government protests that paralysed the cou

The World Bank released a bleak report on Tuesday on Lebanon’s economy in light of the financial crisis, COVID-19 and the aftermath of the August Beirut explosion.

“Lebanon is in a deliberate depression with unprecedented consequences for its human capital, stability, and prosperity,” read a press release from the international monetary institution.

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