Lebanon’s poverty triples says World bank
Lebanon’s poverty has tripled over the past decade the World Bank has reported, according to Arab News and agencies on May 23rd.
The proportion of the population living in poverty rose from 12 percent in 2012 to an unprecedented 44 percent in 2022.
Lebanon is currently facing one of the world’s worst financial crises in over 150 years, with the country’s currency collapse in 2019 sparking hyperinflation.
This economic turmoil has disproportionately affected Lebanon’s significant minority of Syrian refugees, with 62 percent of Syrians in Lebanon living in poverty compared to 33 percent of Lebanese in 2022.
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The majority of Syrians are employed in unskilled labour positions, whereas most Lebanese hold skilled positions.
But an alternative metric used in the World Bank’s report—measuring access to essential services such as electricity and education—revealed that about 73 percent of Lebanese are considered below the poverty line.
According to this metric, 100 percent of the Syrian population in Lebanon is living in poverty.
The crisis has not only led to increased poverty rates but also to widespread unemployment, a decline in public services, and significant brain drain as many professionals and skilled workers emigrate in search of better opportunities.
The healthcare system is also in disarray, with hospitals facing shortages of medical supplies and medications.
Efforts to bring Lebanon out of its crisis with the help of the International Monetary Fund (IMF) have been stalled due to disagreements among politicians, banks, and senior officials on the implementation of necessary reforms.
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An official IMF delegation visited Beirut in late May and noted that while some progress has been made on monetary and fiscal reforms, these efforts are insufficient to enable recovery from the crisis.
The IMF has emphasized the need for major reforms in the banking sector and measures to combat corruption.
Moreover, the political landscape in Lebanon remains unstable, with frequent changes in government and a lack of consensus on critical policy decisions. This political instability further complicates efforts to implement the necessary economic reforms and secure international aid.
Arab News / Agencies
