15 Fastest Declining Economies in the World in 2024

1. Lebanon

Average GDP Growth: -9.96%

Lebanon’s economy has experienced a dramatic collapse, with its currency losing approximately 95% of its value since the crisis began in 2019. This devaluation has locked most depositors out of their savings and pushed over 80% of the population below the poverty line. The crisis is rooted in decades of excessive spending and corruption by the ruling elite, compounded by the banking sector’s heavy lending to the state that has resulted in financial system losses above $70 billion.

The situation is further worsened by external pressures, such as the ongoing conflict with Israel and the war in Gaza, which have led to internal displacement and infrastructure damage. The IMF has indicated that while recent fiscal and monetary reforms have reduced inflation, they are insufficient for recovery. Bank deposits remain frozen, and the banking sector’s paralysis continues even in 2024, making it the fastest-declining economy in the world today.

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