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Title : Lebanon Now Experiencing Hyperinflation
link : Lebanon Now Experiencing Hyperinflation
Lebanon Now Experiencing Hyperinflation
The Lebanese pound has lost about 80% of its value over the past 10 months
ABC News: Lebanon becomes 1st country in Middle East and North Africa to enter hyperinflation
Food prices in the country are rising.
PARIS -- Lebanon could face its biggest crisis since its Civil War, economists are warning as the country's currency hits new lows.
Lebanon is now the first country in the Middle East and North Africa to see its inflation rate exceed 50% for 30 consecutive days, according to Steve H. Hanke, a professor of applied economics at the Johns Hopkins University.
The sharp rise in prices for goods and services pushes the country further into crisis. High inflation means many goods have become unaffordable.
"We started receiving messages from educated people ... emailing us just for help," said Soha Zaiter, executive manager of the Lebanese Food Bank.
She added, "There is no middle class anymore."
Read more ....
Update: Lebanon faces the abyss as political elites dither (Rebecca Anne Proctor, Arab News)
WNU Editor: Here is a good explanation on why Lebanon is facing this crisis .... Lebanon: Why the country is in crisis (BBC). Bottom line. Unsustainable debt levels. Corruption. And no political unity to confront the crisis.
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The Lebanese pound has lost about 80% of its value over the past 10 months
ABC News: Lebanon becomes 1st country in Middle East and North Africa to enter hyperinflation
Food prices in the country are rising.
PARIS -- Lebanon could face its biggest crisis since its Civil War, economists are warning as the country's currency hits new lows.
Lebanon is now the first country in the Middle East and North Africa to see its inflation rate exceed 50% for 30 consecutive days, according to Steve H. Hanke, a professor of applied economics at the Johns Hopkins University.
The sharp rise in prices for goods and services pushes the country further into crisis. High inflation means many goods have become unaffordable.
"We started receiving messages from educated people ... emailing us just for help," said Soha Zaiter, executive manager of the Lebanese Food Bank.
She added, "There is no middle class anymore."
Read more ....
Update: Lebanon faces the abyss as political elites dither (Rebecca Anne Proctor, Arab News)
WNU Editor: Here is a good explanation on why Lebanon is facing this crisis .... Lebanon: Why the country is in crisis (BBC). Bottom line. Unsustainable debt levels. Corruption. And no political unity to confront the crisis.
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