Lebanon

THE World Bank blasted Lebanon’s ruling class yesterday for “orchestrating” one of the world’s worst national economic depressions due to their exploitative grip on resources. The global lender said the nation’s elite were still abusing their position despite Lebanon suffering one of the three biggest financial crashes globally since the 1850s. Fuelled by massive debt, the crisis has slashed Lebanon’s gross domestic product by 58.1% since 2019. Lebanon has begun talks with the IMF, hoping for a bailout, which Beirut has failed to get, showing no sign of economic reforms.