World Bank berates Lebanon’s elite for ‘zombie’ economy

The World Bank blasted Lebanon’s ruling class on Tuesday, January 25, for “orchestrating” one of the world’s worst national economic depressions due to their exploitative grip on resources.

Fueled by massive debt and the unsustainable way it was financed, the crisis has slashed Lebanon’s gross domestic product (GDP) by 58.1% since 2019, plummeting to an estimated $21.8 billion in 2021, the World Bank said.

“This elite commands the main economic resources, generating large rents and dividing the spoils of a dysfunctional state,” the World Bank said.