Lebanon plunged into ‘deliberate depression’: World Bank

Lebanon plunged into ‘deliberate depression’: World Bank

Lebanon plunged into 'deliberate depression': World Bank

Lebanon plunged into 'deliberate depression': World Bank

Lebanon plunged into 'deliberate depression': World Bank

In this Aug. 6, 2020 file photo, a soldier stands at the devastated site of the explosion in the port of Beirut, Lebanon. (File/AP)

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Lebanon plunged into 'deliberate depression': World Bank

The fall 2020 edition of the Lebanon Economic Monitor predicted the economy will have contracted by 19.2 percent this year

Lebanon's economy started collapsing last year as a result of years of corrupt practices and mismanagement

Updated 01 December 2020

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BEIRUT: Lebanon's economy is sinking into a "deliberate depression,“ the World Bank said Tuesday in a damning report stressing the authorities' failure to tackle the crisis.

The fall 2020 edition of the Lebanon Economic Monitor predicted the economy will have contracted by 19.2 percent this year and projected a debt-to-GDP ratio of 194 percent next year.

"A year into Lebanon's severe economic crisis, deliberate lack of effective policy action by authorities has subjected the economy to an arduous and prolonged depression,“ a World Bank statement said.

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 paralyzed the