IMF: Lebanon’s Economy to Shrink by 12 Percent in 2020

IMF: Lebanon’s Economy to Shrink by 12 Percent in 2020

Lebanon has suffered in recent years from a lack of economic growth, high unemployment and a drop in hard currency inflows from abroad.. The announcement came as the local currency hit its highest pound-to-dollar exchange rate ever on the parallel market.. But the financial crisis erupted after nationwide protests over widespread corruption and decades of mismanagement by the ruling political class engulfed the country in October..