What's Hot

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Italian football league Lega Serie A opens office in Abu Dhabi

    March 11, 2023
    Facebook Twitter Instagram
    Niger LiveNiger Live
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • More
      • Sports
      • Technology
      • Travel
    Niger LiveNiger Live
    Home » Lebanon declares bankruptcy, has highest unemployment, poverty in the world
    News

    Lebanon declares bankruptcy, has highest unemployment, poverty in the world

    April 5, 2022
    Facebook Twitter Pinterest Reddit Telegram LinkedIn Tumblr VKontakte WhatsApp Email

    A statement was made by the Deputy Prime Minister of the Lebanese government, Saadeh al-Shami, to announce the bankruptcy of the state and the Central Bank of Lebanon, and that the losses will be distributed among the state, the Banque du Liban, banks, and depositors within Lebanon.

    Lebanon declares bankruptcy, has highest unemployment, poverty in the worldAccording to statistics provided by the United Nations, 82 percent of the Lebanese population are now living below the poverty line. This ranks Lebanon joint with South-Sudan (82 percent) as the poorest nation in the world followed by Equatorial Guinea (77 percent) and Madagascar (71 percent). There is an estimated 40 percent unemployment rate in Lebanon which is the highest in the world. This is considerably more than the unemployment rate in South Africa (28.5 percent) and occupied Palestinian territories (26.1 percent).

    Salaries in Lebanon lost much of their purchasing power, dollars remained in banks with no access, and prices rose dramatically in a country where practically everything is imported. Since more than two years ago, Lebanon has been in the grip of a severe financial crisis, which has forced most of its citizens to live in poverty. It is worth noting that the political class that is being blamed for the crisis did very little to assist Lebanon in getting itself out of the crisis.

    Since the economic crisis hit Lebanon, the Lebanese lira has lost over 90 percent of its value, and the hard currency exchange rates have changed several times, which shows the severity of the crisis. There have been informal capital controls imposed by banks, which have denied people access to their savings.

    Meanwhile the Lebanese people blame the political elite for their predicament. The economy has been run like a Ponzi scheme, characterized by corruption and mismanagement. As the scheme finally collapsed, the World Bank described the ensuing crisis in Lebanon as one of the world’s worst economic and financial crises since the mid-1800s.

    Share. Facebook Twitter Pinterest LinkedIn Reddit Email

    Related Posts

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Vatican to return three Parthenon sculptures to Greece

    March 9, 2023

    UK government denies that the expulsion of asylum seekers is illegal

    March 9, 2023

    Missouri gun law ruled unconstitutional by federal judge

    March 8, 2023
    Latest News

    First A380 service to Bali to be launched by Emirates

    March 24, 2023

    An oasis of tranquility for the diverse Abu Dhabi community – Abrahamic Family House

    March 24, 2023

    Italian football league Lega Serie A opens office in Abu Dhabi

    March 11, 2023
    © 2021 Niger Live | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.