Lebanon is suffering from a severe economic and living crisis, which the World Bank has classified as one of the ten worst crises, and possibly among the three most severe globally since the 19th century. A recent report by the United Nations Economic and Social Commission for Western Asia (ESCWA) revealed that poverty rates in Lebanon have soared to over 82 percent of the population. The ongoing Israeli attacks come amid an already deteriorating economic situation that has persisted for years, with the majority of families now limiting their spending to basic necessities. Observers believe that the Beirut Port explosion on Aug. 4, 2020, exacerbated the economic crisis and deepened the fears of Lebanese citizens about their country's ability to recover. The explosion killed around 200 people and injured 6,500 others, with damages estimated at approximately USD 15 billion. It also displaced 300,000 people and damaged more than 50,000 homes. Lebanon, which imports most of its needs from abroad in US dollars, is currently facing a severe shortage of the US currency. This has fueled fears among citizens of a critical shortage in certain types of medications and high prices, a situation worsened by the continuous Israeli attacks that have extended to the southern governorates, Nabatieh, Bekaa, Baalbek, the southern suburbs of Beirut, and Mount Lebanon. The dollar shortage in banks, coupled with withdrawal limits imposed on both the dollar and the Lebanese pound, has led to panic and financial distress among most social classes. Adding to the burden on the Lebanese economy is the growing number of Syrian refugees, which now exceeds two million. The Lebanese government and international donors are struggling to meet the needs of the refugees, with official estimates indicating that the cost of the Syrian refugee crisis on Lebanon has reached approximately USD 40 billion. This amount includes expenses for infrastructure, medical treatment, and subsidized food and essential supplies. The ongoing Israeli aggression coi ncides with Lebanon's precarious economic situation, where the country's public debt exceeds USD 100 billion, and its growth rate stands at zero amid the high exchange rate of the US dollar against the collapsing local currency. Lebanon has been subjected to attacks that have expanded throughout September, affecting the governorates of South Lebanon, Nabatieh, Bekaa, Baalbek-Hermel, Mount Lebanon, and the southern suburbs of Beirut. Thousands of casualties, both dead and injured, have been reported, including a large number of civilians. Israeli entity's airstrikes have targeted homes and residential buildings, causing them to collapse on their inhabitants, and have even targeted rescue and civil defense teams. This has forced tens of thousands of families in the affected areas to flee, with official statistics indicating that the number of displaced people could reach up to one million. This means that one million Lebanese citizens have been displaced within days in the largest displacement Lebanon has ever witnessed. Source: Qatar News Agency
Thursday, November 07, 2024