Lebanon is on the verge of becoming a failed state after an unprecedented economic collapse
, arguing that the inquiry was still under suspension and ordering the police not to abide by Judge Bitar’s arrest orders.
There was a time when Lebanon was considered the jewel of the Eastern Mediterranean. In the 1960s and into the 1970s, Beirut was known as the “Paris of the Middle East” – a stable, beautiful, liberal seaside party town with a thriving banking sector and a dynamic cultural life. Les Caves du Roy, a nightclub housed in Beirut’s Hotel Excelsior, was considered one of the hottest clubs in the entire region.
While there are a thousand reasons for Lebanon’s collapse, including the pandemic, the Port of Beirut explosion and the refugee crisis – there are some 1.5 million Syrian refugees in the tiny country – the banking disaster lies at the heart of the economic calamity. Since then, every economic number has gone in the wrong direction. The World Bank says GDP per capita fell 36.5 per cent between 2019 and 2021. The banks have ceased lending and no longer attract deposits. More than half the population now lives below the poverty line, and unemployment has almost tripled, to 30 per cent. Inflation is running at more than 170 per cent, and government tax revenues have dried up.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.
Lebanon's chief prosecutor orders all suspects in 2020 port explosion released | CBC NewsLebanon's top prosecutor ordered all suspects detained in the investigation into the deadly 2020 port blast in Beirut released, a lawyer for two detainees and judicial officials said on Wednesday.
اقرأ أكثر »
Gold declines after a solid 4th quarter GDP report is released by the BEAExclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
اقرأ أكثر »
Douglas Todd: Powers of hereditary chiefs test many First NationsOpinion: Few things range more widely in Indigenous communities than the roles assigned to hereditary chiefs.
اقرأ أكثر »
Vaughn Palmer: B.C. Hydro's lack of foresight means LNG Canada will power with gasOpinion: 10 years ago, Hydro said the power wasn\u0027t needed on the North Coast.
اقرأ أكثر »
Opinion | Follow the money on private health care threatOur bond with Medicare must be vigorously protected from the American dark money lobbies seeking to break it for their private gain, Christopher Holcroft writes.
اقرأ أكثر »