Pessimistic Outlook... Poverty and Unemployment on the Rise!

A recent World Bank report painted a pessimistic picture of the Lebanese economy, expecting it to contract by 6.4% and inflation to reach about 17.5%, with the poverty line rising and unemployment expanding to more than 30%. This is due to the ongoing Israeli war and its impact on sectors, and delays in reforms demanded by the IMF. The tourism sector also recorded losses and decline, while the banking and industrial sectors continue to face uncertainty and the closure of Gulf markets. World Bank Middle East Director Dalia Khalifa called for proceeding with reforms, especially restructuring the banking sector and managing public finances, to restore confidence and financing.