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Currencies fall against the dollar


Written by Arthur Maffren on Thursday, July 7th 2022 à 15:25 | Read 319 times


Lebanon, Syria and Turkey are in the top six countries whose currencies have lost the most value in two years.


Inflation and falling currencies go hand in hand everywhere in the Mediterranean. With special mentions for Lebanon, Syria and Turkey. Photo DR.
Inflation and falling currencies go hand in hand everywhere in the Mediterranean. With special mentions for Lebanon, Syria and Turkey. Photo DR.
MEDITERRANEAN. American economist Steve Hanke, from Johns Hopkins University in the United States, has published a ranking of countries whose currencies have depreciated the most against the dollar since 2020. In the top 6 are three Mediterranean states. Lebanon comes 3rd with a 91.96% drop in the value of its pound, Syria 5th with 77.11%, Turkey 6th with 64.52%. The world champion in the loss of value of its currency is Venezuela, its runner-up Zimbabwe.

The Lebanese economy is clinically dead. The country's real GDP per capita has been falling for eleven years according to the World Bank. The gross national income per capita has fallen from 5,510 dollars to 3,450 dollars between 2020 and 2021. 80% of the population lives below the poverty line. Very little information exists on the state of the Syrian economy. At least 90% of the population lives below the poverty line. Turkey is also suffering from mismanagement combined with authoritarianism. 80% inflation according to the official rate (at least double in reality), which President Erdogan justifies by his desire to maintain a high GDP growth rate (+11% in 2021).
 
On a completely different scale, Europe is also facing a depreciation of its currency. Against the dollar, the Euro is at its lowest level since 2002. It was trading yesterday (5 July) at $1.02. In January 2021, it was worth $1.22. Fear of recession is a major reason for this decline.
 



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