Lebanese economy in decline with no stabilisation in sight, World Bank says – The National
- Date: 19-May-2023
- Source: The National
- Sector:Financial Services
- Country:Lebanon
Lebanese economy in decline with no stabilisation in sight, World Bank says – The National
The Lebanese economy is in a steep decline and is a long way from any path towards stabilisation, according to the World Bank.
The collapse of the local currency, which has lost more than 98 per cent of its value since 2019, and a largely insolvent banking sector, have led to a pervasive dollarised cash economy estimated at $9.9 billion in 2022, the World Bank said in its latest Lebanon Economic Monitor report (LEM).
The cash economy, which accounts for almost half the Lebanese economy, is a "major impediment to economic recovery", the World Bank said.
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