Lebanon is enduring a significant political crisis intertwined with its economic calamity, and susceptibility to foreign interference. This crisis has triggered protests, power outages, inflation, corruption, and the collapse of public services. Currently, Lebanon lacks a functioning government, and protesters are demanding extensive alterations in the political system. This crisis, considered one of the most severe depressions in modern history, is leading to the disintegration of crucial aspects of Lebanon's post-civil war political economy, marking a distressing chapter in the nation's history.
The crisis has plunged Lebanon into its fourth year of deep economic, political, and social turmoil. The dire economic situation is exacerbated by a stop in capital inflows, loss of income estimated at $24 billion, a significant depletion of capital stock, and a free fall of the Lebanese pound, losing 90% of its value. The country's debt stands at about $92 billion, approximately 170% of its GDP, further straining the already fragile economy. The fallout from the civil war, which claimed around 131,000 lives and led over 500,000 Lebanese to migrate, continues to haunt the nation, draining its human capital.
The political establishment in Lebanon has voiced concerns over escalating tensions with Israel, indicating a complex geopolitical landscape. The caretaker Prime Minister, Najib Mikati, emphasized the detrimental effects of such escalations. The crisis also reflects the broader regional tensions, especially between Iran and US-allied Gulf Arab states, showcasing Lebanon's precarious position in the face of external and internal pressures. The struggle among various sectarian groups within the country for political quotas also contributes to the ongoing crisis, reflecting a deep-seated political discord.
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