Lebanon's Economy Quickly Collapsing Amid Hyperinflation, Power Outages | WHAT REALLY HAPPENED X-Frame-Options: SAMEORIGIN

Lebanon's Economy Quickly Collapsing Amid Hyperinflation, Power Outages

The economy of Lebanon is seeing a once-in-a-lifetime collapse amid hyperinflation and outages, according to a report from the World Bank.

The small Middle Eastern country has seen inconsistent power supply and outages after the massive explosion in its capital, Beirut, last year. The country, which is also dealing with hyperinflation, is seeing one of the worst three economic depressions globally since the mid-1800s, according to the World Bank.

“Lebanon’s GDP plummeted from close to US$55 billion in 2018 to an estimated US$33 billion in 2020, with US$GD/capita falling by around 40 percent,” said the organization in a recent news release accompanying its report (pdf).

“Such a brutal and rapid contraction is usually associated with conflicts or wars” although Lebanon has been considered a state prone to conflict and violence, said the report.

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