BEIRUT, Dec. 1 (Xinhua) -- Lebanon's real GDP growth is projected to sharply drop to -19.2 percent in 2020, while the rate in 2019 is -6.7 percent, according to the World Bank Lebanon Economic Monitor on Tuesday.
"A contraction of the Lebanese GDP per capita in real terms and high inflation will undoubtedly result in a substantial increase in poverty rates and will affect the population through different channels, such as the loss of productive employment, decline in real purchasing power, and stalled international remittance," the LEM said.
Saroj Kumar Jha, World Bank Mashreq Regional Director, attributed Lebanon's crisis to the lack of political consensus on national priorities which has severely impeded Lebanon's ability to implement long-term and visionary development policies.
"A new government needs to quickly implement a credible macroeconomic stabilization strategy with short-term measures to contain the crisis, as well as medium- to long-term measures to address structural challenges," he added.
For over a year, Lebanon's macroeconomy has been assailed by crises, beginning with an economic and financial crisis, followed by COVID-19 and the explosion at the Port of Beirut.