Covid-19 worsened Lebanon’s economic crisis – leading macroeconomic influencers
pharmaceutical technology - Hanke | March 15, 2021
Lebanon’s economic downfall, aggravated by the Covid-19 pandemic, has lead to lack of access to basic amenities . The marginalised sections of the Lebanese society have borne the brunt of the financial crisis, say economists.
Steve Hanke, an economist at the Johns Hopkins University, shared an article on the coronavirus pandemic exacerbating the economic problems faced by the West Asian nation Lebanon. The ongoing pandemic induced financial slump led to the erosion of rights of citizens, as they are unable to get access to basic human necessities food, clothing, healthcare, and shelter.
In May 2020, during the peak of the pandemic, the Lebanese government started negotiations with the International Monetary Fund (IMF) requesting the latter for around $10bn financial aid to overcome the crisis. The two parties also discussed strategy to bail out the Lebanese economy from the economic crisis, but the talks were stalled as there was no consensus among politicians of the extent of the country’s financial losses.
The economic downturn and Covid-19 pandemic also cast a shadow on the medical sector, jeopardising the capability of hospitals to provide care. The migrant workers in the country were among the worst hit sections of the society during the pandemic as they were denied access to labour protection laws and subjected to restrictive sponsorship system.