Economic Collapse in Lebanon

The Lebanese pound has lost 98% of its value since 2019, marking a severe economic crisis that the World Bank describes as one of the most serious global economic episodes in modern history. This collapse stems from a combination of financial mismanagement, local inflation, and a banking system that became largely dysfunctional as banks closed their doors. Citizens have resorted to desperate measures, including armed confrontations to access their frozen funds, while the government declared a hard default on its debts. As a result, Lebanon's GDP per capita has plummeted from well above the world average to around half of it, with many citizens facing dire poverty amid the crumbling infrastructure for basic necessities like water and electricity.