Lebanon Faces First Major Gov’t Crash As COVID-19 Exposes Economic Mismanagement

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COVID-19 is exposing all sorts of things in the world. What really matters, family. What is taken for granted, maybe a simple walk by the park? But while there are some special things to look forward to enjoying, there are some terrible things exposed in the process. This continues to take place while the world continues to be held hostage by COVID-19. Lebanon for instance…

One as such is the rotten political and economic affairs shared in a number of countries. One country facing a hard hit in Lebanon. The country is facing one of its worst times and one that signals a catastrophic ending.

Though it stems from years of corruption and mismanagement of state resources, the country’s tipping point came last week as inflation hit 50% and banks began limiting withdrawal of savings.

This, in a time when the country is facing the COVID-19 and the citizens, has been pushed over the edge.

Over the last couple of days, there have been violent protests with at least one protestant killed. In the streets they scream;

“We are hopeless! We have nothing to eat! and We have nothing to live for! They continue to oppress us and steal money!”

Lebanon can not turn to the international community as it has little friends. It’s facing huge debts which the country might have to default over the coming months. By all indications, this is not a situation that will end well. The country is walking in a catastrophe that could lead to a civil war. As I reported earlier, some citizens are seeking cryptocurrencies with the aim of seeking a haven from inflation. Read more here.

Bottomline

While Lebanon is ahead, fate is the same in many other countries mostly third world and developing countries. Across Africa, in South America, and South Asia, the economies have been mismanaged for years. With COVID-19 expected to put them to a full test, they face a great test that possibly ends in numerous state crises.