American University Of Beirut Slashes Staff As Lebanon Economy Crashes

The video discusses the severe financial crisis faced by a historic Arab university amid Lebanon's economic collapse. University President Fadlo Khoury explains the difficult decisions to lay off 25% of the workforce, cut salaries, and halt a major Medical Center expansion due to the COVID-19 pandemic. The Lebanese economy, already in turmoil before the pandemic, is further strained with high unemployment and poverty rates. Khoury shares his personal anguish over these measures, emphasizing the need to sustain the university's future.

What historical context is provided regarding Lebanon's economic situation?

What is the current unemployment rate in Lebanon as mentioned in the text?