Tags: ML | Lebanon | Squeezed Economy

Lebanese Economy Hammered by Political Crisis, Debt

Lebanese Economy Hammered by Political Crisis, Debt

Friday, 24 August 2018 02:38 AM

BEIRUT (AP) — It's been nearly four months since Lebanon's first parliamentary elections in nine years but Prime Minister-designate Saad Hariri hasn't succeeded in forming a new Cabinet.

That's mainly because political bickering between rival groups has increased pressure on the country's economy.

Years of regional turmoil — worsened by an influx of 1.5 million Syrian refugees since 2011 — are catching up with the tiny, corruption-plagued Arab country.

Lebanon has the third highest debt rate in the world, currently standing at about $81 billion, or 152 percent of the gross domestic product.

Many businesses are closing, some companies are laying off employees and even Lebanese living in the oil-rich Persian Gulf region have seen a drop in their income due to a drop in oil prices, translating into a decrease in remittances.

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It's been nearly four months since Lebanon's first parliamentary elections in nine years but Prime Minister-designate Saad Hariri hasn't succeeded in forming a new Cabinet.That's mainly because political bickering between rival groups has increased pressure on the country's...
ML,Lebanon,Squeezed Economy
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2018-38-24
Friday, 24 August 2018 02:38 AM
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