Economics
Lebanon Blast May Deepen This Year’s Economic Contraction to 24%
- Recession now likely worse than prior 15% estimate, IIF says
- Damage from blast like to exceed $7 billion, or 14% of output
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Lebanon’s economy may shrink by a quarter this year after last week’s blast added to a collapse in output spurred by the pandemic, soaring inflation and a weakening currency, the Institute of International Finance said.