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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 EDT

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.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
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
130
2018-38-24
Friday, 24 August 2018 02:38 AM
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