Islam Times 24 Nov 2022 212022000000Thu, 24 Nov 2022 21:28:04 +0330 21:28 https://www.islamtimes.org/en/news/1026708/world-bank-lebanon-s-economy-still-contracting-but-at-slower-pace -------------------------------------------------- Title : World Bank: Lebanon’s Economy Still Contracting but At Slower Pace -------------------------------------------------- Islam Times - Lebanon's economy, hit by one of the world's most severe crises, continues to contract although the pace of that contraction has somewhat slowed, the World Bank said in a report published. Text : Real Gross Domestic Product [GDP] - a measure of the total value of a country s economy - in the tiny Mediterranean nation is set to contract by 5.4% in 2022 amid political paralysis and delays in implementing an economic recovery plan. The World Bank said it had revised its estimate for Lebanon s economic contraction in 2021 to 7% from a previous estimate of 10.4%. Its estimate for 2020 remained unchanged at 21.4%. Lebanon currently has no president and no fully-empowered government, an unprecedented institutional void that observers say could take months to resolve. Caretaker Prime Minister Najib Mikati said that the country could still finalize a deal with the International Monetary Fund for a $3 billion program via parliament. But the World Bank said such a deal remained unlikely some seven months after Beirut reached a staff-level agreement with the lender of last resort.