BEIRUT, May 30 (Xinhua) -- The World Bank warned on Monday that Lebanon will face significant challenges in running its state institutions and maintaining social peace if the country fails to undertake a comprehensive reform.

       "Despite early warnings, Lebanon has lost precious time and numerous opportunities to adopt a path to reform its economic and financial system," World Bank Mashreq Regional Director Saroj Kumar Jha was quoted as saying in a press release by the World Bank.

       The press release focuses on the World Bank's Performance and Learning Review of the Lebanon's Country Partnership Framework that summarizes the reform progress made by Lebanon to overcome its crisis.

       "The cost of inaction is colossal not only on the daily lives of citizens, but also on the future of the Lebanese people," Jha added.

       Failing basic public services, rising unemployment and severely dented human resources have become the "long-lasting scars" on the Lebanese economy and society because of the country's enduring crisis, the World Bank press release said.

       "Assuming continued no policy reform, real GDP is projected to contract by 6.5 percent in 2022," it concluded.