Lebanon's Spiralling Economic Crisis

Financial meltdown on a scale never seen before in Lebanon has raised fears for the stability of a country facing multiple crises. Political chaos, the COVID-19 pandemic and a huge explosion at Beirut’s port, which killed nearly 200 people and caused billions of dollars in damage, have all deepened Lebanon’s troubles, Reuters reported. After months of discord, politicians are set to nominate a prime minister on Thursday to form a new government that must launch a recovery and unlock foreign aid. Rooted in decades of state waste and graft, the economic crisis erupted last autumn as capital inflows dried up and protests swept the country. A year on, the currency has crashed and banks are paralysed, with prices and job losses on the rise. Read more

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