Home Business Lebanon’s inflation rate reached 84.9% last year.
Lebanon's inflation rate reached 84.9% last year.

Lebanon’s inflation rate reached 84.9% last year.

by YCPress

February 11 According to data released by the Central Bureau of Statistics of Lebanon on the 11th, the country’s inflation rate in 2020 was 84.9 percent, which is far higher than 2.90% in 2019 and 6.07% in 2018.

According to a report released on the 11th by Audi Bank, Lebanon’s large commercial bank, the Lebanese economy is experiencing stagflation and faces serious monetary and financial challenges.

The report believes that factors affecting Lebanon’s economic activity and causing the deterioration of the country’s financial situation include the Lebanese government’s announcement of default on foreign currency debt in the first quarter 2020, the spread of the novel coronavirus epidemic, and the explosion in the port of Beirut in August 2020.

In recent years, Lebanon’s economy has continued to be sluggish, public debt is high, and unemployment remains high.

The coronavirus epidemic and the bombing of the port of Beirut have made Lebanon’s economy worse.

The UN Economic and Social Commission for Western Asia released a report earlier this month that Lebanon’s economy contracted by 20% in 2020.