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Lebanon is suffering a “deliberate depression” orchestrated by the Middle East nation’s elites, according to the World Bank.
“Deliberate denial during deliberate depression is creating long-lasting scars on the economy and society,” Saroj Kumar Jha, the World Bank’s director for Lebanon, wrote in a report. “Over two years into the financial crisis, Lebanon has yet to identify, least of all embark upon, a credible path toward economic and financial recovery.”
Read: Lebanon’s Former PM Saad Hariri Bows Out of Political Life
The country is facing one of the world’s worst economic crises — its currency has dived, while inflation and unemployment have soared.
The World Bank said Lebanon needs a “credible, comprehensive and equitable macro-financial stabilization and recovery plan.” The Washington-based organization said it would to continue to support the country.
Click here for the full report.
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