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Lebanon's Economic Crisis Threatens to Destroy its Middle Class

(Financial Times-UK) Chloe Cornish - Tens of thousands of Lebanese have been thrown from comfortable lives at breakneck speed by the country's worst fiscal and monetary crisis in 30 years. With soaring unemployment, the government has warned that 60% of the population could fall into poverty by the end of 2020. Lebanon has for years spent beyond its means, but instead of investing in domestic production, foreign currency attracted to the country's banks with high interest rates has been used to fund the government. Now the value of the Lebanese pound has collapsed, while the price of basic foods has increased 55%.
2020-06-19 00:00:00
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