With the exacerbation of the prolonged economic crisis that Lebanon has been witnessing since the summer of 2019, which had been classified by the World Bank among the worst in the world since 1850, so that no sector was left immune from the repercussions of the collapse and entire institutions were closed, thousands of employees were laid off from their jobs, more than eighty percent of the population was below the poverty line, and the Lebanese pound lost more than ninety percent of its value against the dollar.
Faced with this reality, there are three social classes, the destitute, which were poor and are no longer even able to secure food and drink, the middle class, which is only able to secure food and drink, and the financially able, which is the category that has children abroad who work and send money, and some of them are living in luxury compared to others who still receive their salaries in Lebanese pounds.
But today, in the face of the high price of communications, the lifting of subsidies on fuel and flour, and the high prices of medicines and food commodities, we can say that whoever receives a few fresh dollars no longer sees the effectiveness of this issue on the ground, so that $100 is spent in just two days.
According to economists, the crisis requires a comprehensive reform program first to address the accumulated challenges, and then to achieve economic and financial stability and lay the foundations for sustainable and strong growth. This requires effective policies and reforms to revive the economy and rebuild confidence and broad support from all parties.