The World Bank: the contraction in Lebanon is over 37% since 2018…the worst the world has witnessed

A report released by the World Bank predicted that Lebanon’s gross domestic product (GDP) will contract by 5.4% during the year in course, for the fourth consecutive year.

The bank said the rate of contraction has exceeded 37% since 2018, and that is among the worst the world has witnessed, as it has swept via 15 years of economic growth for Lebanon and also undermines the country’s resilience.

On the other hand, the Central Bank of Lebanon completed an audit of its gold reserves at the request of the International Monetary Fund, and it was found that the amount of gold in its coffers matched the amounts indicated on its balance sheet.

Lebanon reached a staffing agreement with the International Monetary Fund in April for a $3 billion program that would require Lebanon to complete a number of procedures before approval, including reviewing the bank’s foreign assets position central, including gold.

Read More About: Business News