Mahmoud HarmouchLebanon is currently facing a devastating reality where the financial crisis has left countless individuals struggling to make ends meet. Despite their hardships, these people are not receiving any support from the government and have been forced to rely solely on themselves for survival. As a result of this dire situation, many Lebanese citizens find themselves living in abject poverty with little hope for improvement or progress toward achieving their dreams. The impact of this ongoing crisis cannot be overstated - it has caused immense suffering and despair throughout Lebanon's population while simultaneously eroding faith in what was once considered an idyllic lifestyle within its borders.
🆕 Update
There has been much talk about the difficult economic conditions in Lebanon lately, but one video stands out for its comprehensive analysis. You can find it on ColdFusion's YouTube channel and gain a deeper understanding of the situation at hand.
👉 Table Of Content (TOC).
- Introducing The Lebanese Economic Crisis.
- High Unemployment Rates.
- Deep Poverty.
- Hyperinflation.
- Basic Medicines Are Unavailable.
- The Majority Of Homes Lack Electricity.
- Conclusion.
- References.
Introducing The Lebanese Economic Crisis.
🔝 Go To TOC.
The current crisis in Lebanon has its origins dating back to the late 70s through early 90s. However, it was only recently that this issue gained widespread attention when the economy experienced a catastrophic crash in 2019 and several industries collapsed one after another. The Lebanese economy suffered greatly from these events and is still grappling with recovery efforts today.
Criticism has been levied against the government for its handling of this situation - with many accusing them of not doing enough to help those who have suffered as a result. Additionally, there are concerns over transparency regarding just how severe things truly are.
Understandably, such issues have left much anger and frustration among citizens who feel abandoned by their leaders during one of their country's most trying times yet. Many now believe they've been left on their own devices without any proper support or guidance whatsoever...
High Unemployment Rates.
🔝 Go To TOC.
In 2021, the youth unemployment rate was 29.60%. This is the highest it has been for ages. Many people are struggling to find jobs.
The high unemployment rates are having a ripple effect on the economy. Consumer spending is down because people don't have money to spend [0]. This is causing businesses to cut back on production and layoffs. The result is a vicious cycle that is only deepening the financial crisis.
The issue of high unemployment rates demands immediate attention. However, one may wonder what measures can be taken to tackle this problem effectively. One viable solution is extending financial aid to businesses for the purpose of sustaining or generating employment opportunities. Additionally, investing in training and educational programs could equip individuals with skills that are highly sought after by employers thus increasing their chances of finding gainful employment. By implementing these strategies we can alleviate the negative impact caused by economic downturns and steer our economy towards recovery.
It's evident that high unemployment rates have far-reaching consequences beyond just monetary losses; it also affects people on a personal level as they struggle financially due to lack of employment opportunities. It's crucially important for us all collectively take action before things get worse and more lives are affected negatively because of this problem at hand.
Deep Poverty.
🔝 Go To TOC.
The Lebanese crisis has been raging for over three years, showing no signs of abating. The crisis has devastated the country's economy, with the Lebanese pound losing over 90% of its value since 2019. This has led to widespread poverty, with over 80% of Lebanese living below the poverty line [1].
The current state of the crisis in Lebanon has resulted in a notable escalation in the prices of vital goods and services, coupled with a reduction in job prospects. As a result, households are grappling to make ends meet which is compelling them to turn to local as well as international aid groups for help. This predicament is causing widespread distress among numerous families throughout the nation.
The crisis has also caused a major decline in GDP, with GDP per capita dropping 37.1% between 2018 and 2021 [2]. This has had a devastating impact on the Lebanese population. As the crisis continues, the situation is only likely to worsen, with more Lebanese people living in poverty and struggling to meet their basic needs.
The situation in Lebanon profoundly impacts ordinary Lebanese lives. The crisis needs to be brought to an end as soon as possible so that people can start to rebuild their lives.
Hyperinflation.
🔝 Go To TOC.
The official rate of the Lebanese pound is about 1,507.50 to the dollar, but the actual street value is way lower. The unofficial exchange rate has climbed from 1,507 to almost 100,000 in 2023, meaning that daily grocery bills can now equal a month's worth of income for a typical family, leaving many Lebanese struggling to make ends meet.
Despite the Lebanese government's efforts to halt devaluation by increasing cash supply, it has resulted in a surge in inflation. The cost of living is skyrocketing at an alarming rate while salaries remain stagnant, and there seems to be no resolution in sight for this ongoing crisis.
The Lebanese people are suffering immensely due to the devaluation of their currency. Many are going hungry or are forced to live in abject poverty. We can only hope the situation improves soon for the sake of all those affected.
Basic Medicines Are Unavailable.
🔝 Go To TOC.
As per the World Health Organization (WHO), it has been approximated that a mere fraction of healthcare facilities in Beirut, which is Lebanon's capital city, are operational at present [3]. This implies that access to basic medical care is severely restricted for Lebanese citizens. Furthermore, numerous crucial medications remain unavailable within the nation as well [4].
The health of the Lebanese people is being severely affected due to their inability to access basic medical care and essential medicines. This crisis demands urgent attention, as it poses a great threat to the wellbeing of individuals in Lebanon. I strongly appeal for all parties involved in this conflict to permit humanitarian organizations such as UNICEF and UNESCO unrestricted entry into areas where assistance is required, enabling them with necessary resources including vital medical supplies that can make an immense difference during these trying times.
The Majority Of Homes Lack Electricity.
🔝 Go To TOC.
Most homes in Lebanon lack electricity; this led to the price of solar panels skyrocketing [5], making them unaffordable for many citizens. The Lebanese government has been struggling to provide basic services, let alone power, to its citizens since the start of the crisis. This has resulted in a black market for solar panels, with prices soaring as demand outstrips supply.
The lack of electricity has devastatingly impacted everyday life in Lebanon. Hospitals are struggling to function without power [6].
The Lebanese government has responded by rationing power, fuel [7]; but the blackouts have nonetheless left many businesses and households in the dark. The crisis has also caused a spike in generators and other backup power prices, as well as a run on batteries and candles.
It's been a difficult adjustment for everyone, but we, the Lebanese people, are known for our resilience [8]. Hopefully, the country will be able to weather this storm and come out stronger on the other side.
Conclusion
🔝 Go To TOC.
As citizens of Lebanon, we are currently facing a critical moment that threatens our very existence. To truly comprehend the essence of this nation, one must delve into the intricacies and complexities of our daily lives. By gaining insight into our individual battles and hardships, you can gain an understanding of what makes up this country as a whole. Peace!
Cover Image by Alexa from Pixabay
References.
🔝 Go To TOC
[0] Unicef. When we have money, we buy what we need. If we don’t have money, we don’t eat.. unicef.org. Retrieved 2022-09-08.
[1] thenationalnews. Almost 80% of Lebanese living in poverty, UN study reveals.. thenationalnews.com. Retrieved 2022-09-08.
[2] worldbank. Lebanon's Economic Update — October 2021.. worldbank.org. Retrieved 2022-09-08.
[3] france24. Many of Beirut's hospitals 'non-functional' following deadly blast, WHO warns.. france24.com. Retrieved 2022-09-08.
[4] thenationalnews. Lebanon to run out of hundreds of medicines by the end of July.. thenationalnews.com. Retrieved 2022-09-08.
[5] aljazeera. Solar ‘boom’ times as Lebanon’s fossil fuels run dry.. aljazeera.com. Retrieved 2022-09-08.
[6] vanguardngr. Fuel shortage throws Lebanon’s hospitals in crisis.. vanguardngr.com. Retrieved 2022-09-08.
[7] transparency-lebanon. Transparency in Lebanon’s Power Sector.. transparency-lebanon.org. Retrieved 2022-09-08.
[8] atiejelmouallem. Lebanon’s Long History with Resilience.. atiejelmouallem.com. Retrieved 2022-09-08.
