“A year into Lebanon’s severe economic crisis, deliberate lack of effective policy action by authorities has subjected the economy to an arduous and prolonged depression,” the World Bank said in a statement on Tuesday.
“Lebanon is suffering from a dangerous depletion of resources, including human capital, with brain drain becoming an increasingly desperate option.”
On that note, the emigration of Lebanese youth increased to an all-time high this year as graduates and prospective master’s students are seeking security outside Lebanon, which has been encumbered with severe economic and financial crises for over a year.
In its criticism of their performance, the World Bank said that the Lebanese authorities “have disagreed between themselves on the assessment, diagnosis, and solutions for the crisis.”
This resulted in a slew of “uncoordinated, non-comprehensive, and insufficient policy measures that have worsened economic and social conditions.”
In related news, the global professional services firm Alvarez & Marsal recently canceled its contract with the Lebanese government after Lebanon’s central bank refused to comply with the requirements of the forensic auditing of its accounts.
The audit was a crucial condition set by international donors for Lebanon to receive their financial support in order to revitalize its economy and recover from the debilitating crisis.