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Socio-economic crisis in Lebanon worsens

Saturday, 25 February 2023 12:07 AM [ Last Update: Saturday, 25 February 2023 1:31 AM ]

Mariam Saleh
Press TV, Beirut

At one of Lebanon’s local supermarkets, only a few items cost a bundle of Lebanese pounds. The country’s cost-of-living crisis is taking a heavy toll on people, as 80 thousand Lira equal only 1 dollar.

As Lebanon enters a third year of deepening economic crisis, basic necessities like food and medicine have become more expensive than ever before. It has become almost daily struggle for some families to put food on the table.

This widow has four children. She tells Press TV that if there was no social welfare from private organizations, she would be unable to buy basic groceries.

Many blame those in power for heeding to US and Western control of monetary activity. People on the street say the increasing rate of dollar is a major contributor to the crisis.

Currency depreciation and the lifting of subsidies have resulted in a dramatic rise in prices of medicine as well, adding to the problems of a deteriorating Lebanese economy.

“Lebanon’s national currency has now lost more than 90 percent of its value. Many believe that as long as imports are priced in US dollars, there is very little hope for economic recovery.”

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