World Bank: Lebanon’s meltdown threatens social peace

By BASSEM MROUE
Associated Press

BEIRUT (AP) — The World Bank says Lebanon’s economy has contracted by more than 58%, warning in a report that the small country’s financial meltdown poses a threat to long-term stability and social peace. It accused Lebanese leaders in the report Tuesday of being indifferent to the nation’s economic collapse, refusing to adopt a credible recovery plan and begin implementing reforms. The World Bank’s Lebanon Economic Monitor showed the country’s gross domestic product plummeted from close to $52 billion in 2019 to a projected $21.8 billion in 2021, marking the biggest contraction of the 193 countries listed by the publication. The meltdown began in October 2019.