The Lebanese Economic Crisis Summed Up In Five Main Numbers

Protesters Take Over Ministry of Economy and Trade building in Beirut
Sputnik/Zahraa El Amir

On Wednesday, July 6th, Al Liwaa Newspaper published 19 statistics and numbers that summarize the current presidential term since 2016.

Most of these numbers shed light on the difficulties Lebanese citizens live through on a daily basis. Here are the 5 most notable ones summing up the Lebanese economic collapse:

  • The price of bread increased 19 times in bakeries and 60 times in the black market, while many Lebanese areas witness a constant shortage of bread.
  • 87% of depositors’ money was “stolen” and transferred outside of Lebanon by banks, politicians, and businessmen.
  • The USD exchange rate increased from LBP 1,500 to around LBP 29,000 as of the writing of this article. This signifies a 1,200% increase, which has led to the collapse of the value of salaries in the Lebanese Lira.
  • Most regions are only supplied with one hour of power per day out of the 24 promised by the Free Patriotic Movement (FPM) since 2008. Moreover, many impoverished areas report weeks on end without a single hour of power.

With the recent debacle between PM Najib Mikati and President Michel Aoun over the creation of a new government, it looks like the Lebanese people will have to continue living in harsh conditions for the foreseeable future.

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