Lebanon´s Political and Economic Crisis

  • Period: to

    Lebanese Civil War

    The Lebanese civil war resulted in up to 150,000 deaths, left over 100,000 severely injured and displaced up to two-thirds of the Lebanese population. The Lebanese population protested for years, even after the war as they manifest their discomfort. This was the cause of an economic recession that lasted almost two decades since religious parties couldn´t agree on trade agreements with other nearby countries.
  • Value of Lebanese Pound

    The value of the Lebanese pound (LBP) was 1507 LBP in exchange for 1 USD.
  • Government Resignation and Economic Devaluation

    In mid-October of 2019, the government proposed new taxes on tobacco, petrol, and voice calls via messaging services such as WhatsApp, which eventually led to the then government's resignation. The Lebanese pound devalued rapidly, losing up to 85% of its value since 1997.
  • Covid-19 Pandemic and Explosion

    On August 4, a massive blast in Beirut’s seaport devastated the city killing almost 200 people, injuring more than 6,000, and leaving 300,000 people without shelter. Hospitals are struggling to provide patients with urgent and necessary life-saving medical care due to the government’s failure to provide private and public hospitals with the funds it owes them.
  • Extreme Currency Devaluation and Current Situation

    In July 2021, the value of the Lebanese pound decreased up to 24,000 LBP in exchange for 1 USD. The World Bank has warned that poverty in Lebanon will continue to worsen, likely surpassing half of the population by mid-2021. Food and medication shortages are now widespread. Many subsidized goods, including medications, are reportedly being smuggled out of Lebanon. The oil and gas sector is nearing collapse.