| 29 May 2024, Wednesday |

Economic crisis…Contradiction in class divide

It became clear that the poverty rate in Lebanon is rising with no stopping limits, and today it has reached alarming levels, as 30% of the Lebanese people suffer and live in extreme poverty, and this percentage is rising on daily basis, because people lose their jobs, institutions are closing and the exchange rate of the dollar against the Lebanese pound continues to rise. The purchasing power of the Lebanese people is rapidly declining. On the other hand, we see that 20% of the Lebanese people live on another planet, and it seems that the economic crisis has positively affected some sectors, such as restaurants, hotels, and nightlife venues, which we find crowded with people.

So, through daily observations, we can easily see the contradictions in the class gap in Lebanon. Are we facing new social classes and poverty standards after the economic crisis in Lebanon?

Has the middle class been eroded after the economic crisis?

The World Bank classified what Lebanon is currently experiencing as the three worst crises in the world after Chile and Spain, while Chile took 16 years to recover, and Spain after its civil war took 26 years to recover. The question that arises is, how long will it take for the Lebanese economy to recover? Rather, the more accurate question is: Will Lebanon recover from its economic and political crisis?

  • Sawt Beirut International