Crisis-hit Lebanon’s economic recovery is hampered by a growing dollarised cash economy, which is predicted to be $9.9 billion in 2022, or almost half the size of the country’s economy, the World Bank said in a report.
“The systemic failure of Lebanon’s banking system and the collapse of the currency” have led to a widespread dollarised cash economy estimated to account for nearly half of its GDP in 2022, according to the Spring 2023 issue of the World Bank’s Lebanon Economic Monitor (LEM), which follows the economic developments and evaluates the economic outlook and risks in the country, reports Xinhua news agency.
Read More : Lebanon’s Economic Recovery Hindered by Expanding Dollarized Cash Economy, Says World Bank