Lebanon, economic and financial crises, reasons for collapse

Abstract

Lebanon has been experiencing a wrenching financial and economic crisis for the past months. The economic crisis erupted in October 2019.Lebanon has been compounded by financial crises, economic crises, coronavirus pandemic, and the explosion at the Port of Beirut on 4th August 2020. The descriptive research design was used in the study to determine the interrelationship between currency crisis, falling in purchasing power, exchange rates, and debt crisis. The objective of this paper is firstly to examine the effects of the financial and economic crisis on the purchasing power of individuals in Lebanon, and secondly to explore the impact of the financial and economic crisis in Lebanon on the exchange rate. The paper focused on qualitative and quantitative research approaches using secondary data. The main of the research paper was to get an in-depth understanding of Lebanon's financial and economic crisis. Data from scholarly journals, articles, books, websites, and government records provided in-depth information on Lebanon's economic and financial crisis. Content analysis was used in the research in the study of the quantitative and qualitative data. Content analysis was vital in the study since it provided the trends in the different economic variables in Lebanon. The financial and economic crises in the country have been exacerbated by the political turmoil, which has fueled nationwide protests. The research study focused on the economic and financial crisis in Lebanon.