Beirut, Lebanon (CNN) If you're visiting Beirut , your typical walking tour will span the tip of the peninsula to historic neighborhoods in the eastern quarter. You'll likely walk along the seaside boardwalk, saunter through the glitzy downtown area, and barhop on Gemmayze street, or its nearby nightlife hotspots.

Along the way, you may circumnavigate broken sidewalks, and remark at pockmarked buildings, vestiges of the civil war which ended in 1990. You may revel in the mix of rawness and glamor, marveling at the city's hodgepodge of shiny high-rises and old houses with the Lebanese triple arcade at the front.

But the charm of the capital belies its dark economic underbelly. Your typical Beirut walking tour conveniently sidesteps the less savory expanses of the city. Your car ride from the airport runs along a bridge that coasts over sprawling slums and refugee camps. At some point in your visit, you may enter a middle-class household and find that a live-in domestic worker has emerged from the kitchen of the modest three-bedroom apartment to serve you tea. Probe deeper into the migrant worker's living and working conditions and the details may shock you.

Women walk along a pier past moored boats in the Lebanese capital Beirut's Zaitunay Bay on January 24, 2019, with a view of the snow-covered mountain of Sannine overlooking the city in the background.

For decades, the country's elite have deftly crafted a veneer of prosperity on the backs of the country's marginalized, analysts say, but the bubble now appears to be bursting. Lebanon is in the throes of a dual crisis that could transform the country. A financial crisis precipitated an unprecedented popular uprising on October 17 against corruption in government. Many across Lebanon are demanding an overhaul of its political and economic system.

But economists warn that the country can expect a painful reckoning. Masks will fall, and the glitz may disappear as the economy's inherent weaknesses come to the fore. The country's rich will take a hit, but more so will the poor. Already, Lebanon's poverty rate stands at around 33%. The World Bank expects that one in two people in Lebanon may soon live below the poverty line.

This picture taken on November 26, 2018 shows a view of a halted construction site and another still under construction in the downtown district of the Lebanese capital Beirut, with the city's landmark Mohammad al-Amin mosque seen in the background.

The end of quick fixes

Lebanon's leadership consists of a group of sectarian chiefs, many of whom fought one another during the country's 15-year war. They made peace in 1990 and ushered the war-torn capital into its reconstruction era. Successive governments sought quick fixes, borrowing large loans at exorbitant rates to fast-track the restoration of the country's central district, build highways and finance high-end projects.

The financial system has relied on a debt structure that generated high returns for depositors, but the economy has nearly no domestic production to speak of. The government never fully fixed damages to its electricity sector, so private generator companies have stepped in to provide electricity during hours-long daily power outages.

Out of sight, out of mind, the country's political elite seems to say, appearing content to keep festering wounds in the margins.

Lebanese people smoke waterpipes at a restaurant in the coastal city of Batroun north of Beirut on May 22, 2019.

At first glance, Lebanon's economy fared well: it has the highest GDP-per-capita among non-oil producing Arab countries. Lebanon has repeatedly made headlines -- not only for cycles of violence -- but for its "party capital" and its picturesque mountains along the shores of the eastern Mediterranean. Luxury cars are a more common sight in Beirut than in perhaps many of the world's richest cities. Yachts fill the docks of the country's many seaside resorts.

But it is also one of the most unequal countries in the world, with a privileged few having raked in large profits from high interest rates that enriched the already wealthy as the country sunk deeper into debt. The economy is almost totally reliant on imports to meet its basic needs, and even the country's leaders acknowledge that corruption is widespread and systemic.

An anti-government protester holds a Lebanese flag in front of a barricade on fire on a road leading to the parliament building, during ongoing protests against the government, in Beirut, Lebanon, Wednesday, Nov. 13, 2019.

On Thursday night -- the eve of Lebanon's Independence Day -- President Michel Aoun called corruption "the biggest danger" the country faces. Last month, Central Bank governor Riad Salame told CNN's Becky Anderson that the country was "days" away from economic collapse if a political solution is not found.

Dan Azzi, advanced leadership fellow at Harvard University, compares the economy to a "cartoon world," propped up by, what he calls, the "financial engineering" of a banking system that threw its weight into keeping the currency afloat, and bankrolling artificially lavish lifestyles.

"The cartoon world of financial engineering ... has now spilled out into the real world and has created a Venezuela-like crisis," said Azzi. "Today, we have two choices. Either we deal with this problem like mature people, or we keep in denial."

The 'Range Rover' diet

Since the summer, panic over an impending economic crisis reportedly induced capital flight. Dwindling foreign currency reserves has raised fears of food, fuel and medicine shortages, analysts and political activists say. Today, the country sees interrupted supplies of fuel and bread, and supermarket shelves are emptying. Banks have imposed capital controls -- with withdrawal limits of around $1,000 a week, or less -- and there is increasing talk of financial haircuts, or reductions to the value of bank deposits. The problems are only piling up with greater layoffs, salary cuts and closing businesses.

On November 28, one of Lebanon's Eurobonds worth $1.5 billion will mature, further straining financial reserves. Lebanon has always paid its debt on time, but the prospect of a first-ever default is not out of the question.

Nisreen Salti, assistant professor of economics at the American University of Beirut, says this all amounts to "economic catastrophe."

In a prescient September 2019 piece for the Carnegie Middle East Center , Salti said increasing pressure on the economy coupled with policies that exacerbated income disparity acted as a social "time bomb."

Photos: Lebanon in crisis A Lebanese protester speaks into a megaphone on December 16 as demonstrators gather near the home of caretaker Prime Minister Saad Hariri in Beirut. Hide Caption 1 of 39 Photos: Lebanon in crisis Supporters of Lebanon's Shiite Hezbollah and Amal groups throw fireworks towards Lebanese riot police during clashes on December 14 in Beirut. Hide Caption 2 of 39 Photos: Lebanon in crisis Anti-government protesters scuffle with riot police on December 4 in Beirut. Hide Caption 3 of 39 Photos: Lebanon in crisis Demonstrators raise a giant fist sign that bears the Arabic word for "revolution" on November 22 in Martyrs' Square. Hide Caption 4 of 39 Photos: Lebanon in crisis People take part in an Independence Day event on November 22. Lebanon marked 76 years of self-rule, with nationwide festivities organized by anti-government protesters in lieu of a traditional military parade. Hide Caption 5 of 39 Photos: Lebanon in crisis A Lebanese protester kisses the helmet of a riot policeman on November 19 near the parliament headquarters in Beirut. Hide Caption 6 of 39 Photos: Lebanon in crisis Cars navigate a flaming barricade set by anti-government protesters in the southern city of Sidon on November 19, ahead of a parliament session. Hide Caption 7 of 39 Photos: Lebanon in crisis A mourner lights a candle at a makeshift memorial where Alaa Abu Fakher was killed by a Lebanese soldier during Tuesday night protests south of Beirut in Khaldeh neighborhood on November 13. Fakher was the first to be killed in direct shooting related to the protests, though there have been four other deaths since the demonstrations began. Hide Caption 8 of 39 Photos: Lebanon in crisis Riot police remove anti-government protesters who were occupying an intersection in Beirut, Lebanon, on Monday, November 4. Hide Caption 9 of 39 Photos: Lebanon in crisis Protesters perch on an overhead road sign in Beirut on November 4. Hide Caption 10 of 39 Photos: Lebanon in crisis Police move an anti-government protester on Monday. Hide Caption 11 of 39 Photos: Lebanon in crisis Protesters light flares and chant slogans against the Lebanese government on Sunday, November 3. Hide Caption 12 of 39 Photos: Lebanon in crisis An aerial view shows thousands of Lebanese protesters gathered in Beirut's downtown district on Sunday. Hide Caption 13 of 39 Photos: Lebanon in crisis Supporters of embattled Lebanese President Michel Aoun take part in a counter-protest near the presidential palace in Baabda on November 3. Hide Caption 14 of 39 Photos: Lebanon in crisis Demonstrators chant slogans during a rally on Sunday. Hide Caption 15 of 39 Photos: Lebanon in crisis An anti-government protester waves a Lebanese flag as he stands on top of a pile of broken tents in Martyrs' Square on October 29. Hide Caption 16 of 39 Photos: Lebanon in crisis Lebanese Prime Minister Saad Hariri speaks during an address to the nation on October 29. "I can't hide this from you. I have reached a dead end," Hariri said in his resignation speech. Hide Caption 17 of 39 Photos: Lebanon in crisis Anti-government protesters celebrate outside the government palace after Hariri announced his resignation. Hide Caption 18 of 39 Photos: Lebanon in crisis Hezbollah supporters burn tents in the camp set up by anti-government protesters near the government palace. Hide Caption 19 of 39 Photos: Lebanon in crisis Members of the Lebanese army, left, help intervene between clashing groups of protesters and counter-protesters on a highway in central Beirut. Hide Caption 20 of 39 Photos: Lebanon in crisis An armored personnel carrier removes a burning garbage container set alight by anti-government protesters on Monday, October 28. Hide Caption 21 of 39 Photos: Lebanon in crisis Anti-government protesters play a dice game as they block a main highway during during demonstrations. Hide Caption 22 of 39 Photos: Lebanon in crisis Protesters hold hands to form a human chain along a coastal highway near Beirut on Sunday, October 27. Hide Caption 23 of 39 Photos: Lebanon in crisis A Lebanese demonstrator scuffles with security forces trying to disperse protesters who were blocking a major bridge in Beirut on Sunday, October 27. Hide Caption 24 of 39 Photos: Lebanon in crisis Anti-government protesters and Hezbollah supporters clash on Friday, October 25. Hide Caption 25 of 39 Photos: Lebanon in crisis Protesters and counter-protesters face off near the government palace on October 25. Hide Caption 26 of 39 Photos: Lebanon in crisis A protester uses a national flag to cover himself as it rains during a demonstration on Wednesday, October 23. Hide Caption 27 of 39 Photos: Lebanon in crisis Anti-government protesters wave flags and shout slogans as Lebanese soldiers encircle them on October 23. Hide Caption 28 of 39 Photos: Lebanon in crisis A rally takes place in Beirut outside the Mohammad al-Amin Mosque and the nearby Maronite Cathedral of St. George on Sunday, October 20. Hide Caption 29 of 39 Photos: Lebanon in crisis Police stand guard as anti-government protesters try to remove a barbed-wire barrier to advance toward government buildings on Saturday, October 19. Hide Caption 30 of 39 Photos: Lebanon in crisis Demonstrators wave flags as they gather in the southern city of Sidon on October 19. Hide Caption 31 of 39 Photos: Lebanon in crisis A protester holds a Lebanese flag as he sits in an inflatable pool on a highway in the town of Zouk Mosbeh on October 19. Hide Caption 32 of 39 Photos: Lebanon in crisis Lebanese soldiers stand guard in Beirut's financial district on October 19. Hide Caption 33 of 39 Photos: Lebanon in crisis A Lebanese demonstrator with her face painted like the comic book character the Joker takes part in a protest in Beirut on October 19. Hide Caption 34 of 39 Photos: Lebanon in crisis A protester rolls a tire toward a smoking roadblock in Beirut on Friday, October 18. Hide Caption 35 of 39 Photos: Lebanon in crisis Lebanese police use a water cannon on anti-government protesters on October 18. Hide Caption 36 of 39 Photos: Lebanon in crisis A demonstrator flashes a victory sign as he holds a national flag near a roadblock on October 18. Hide Caption 37 of 39 Photos: Lebanon in crisis Lebanese demonstrators burn wood and debris on Thursday, October 17. Hide Caption 38 of 39 Photos: Lebanon in crisis Demonstrators wave flags outside the government palace in Beirut on October 17. Hide Caption 39 of 39

"The poorest 60% of the population stands to really suffer. That can be said really confidently," Salti told CNN.

Strains on the country's ability to import goods are "going to hit hardest those people who are just above the poverty rate and don't have options, because we are an economy that doesn't offer an alternative to imports for most goods," she said.

The country's fate boils down to its ability to address its structural deficiencies, and, importantly, the wealthy's willingness to stomach the lion's share of the losses.

Azzi calls for "the Range Rover diet," where the Lebanese cut down on high-end products, like luxury cars and upscale dining. He argues that the country's impasse could lead to an "egalitarian crisis" that mostly doles out losses to the country's wealthy. But it relies on strong leadership, he says, who can convince the Lebanese public to endure a time of austerity.

A barman serves drinks from a makeshift bar as Lebanese old Volkswagen car enthusiasts gather at a beach in the southern Lebanese town of Naqoura.

"We have to inform the Lebanese people that they have to go on a vicious diet," said Azzi.

"We have to take ferocious measures, like that haircut which has never happened in Lebanon's history and has to happen immediately," he added. "We need to impose tariffs to alters behavior so that we stop dollars from leaving the country. Then we need to create incentives to produce domestically."

This difficult phase, analysts warn, could span several years. But the Lebanese can reap the benefits of this period of adjustment, if protesters keep up the pressure on their leadership to turn Lebanon into a "real economy," said Azzi.

For this to happen, a change in leadership may not just be desirable, but necessary.

"The exact same (monetary) measures would be successful in one scenario and not successful in another, purely based on people's impressions of the policymakers putting the decisions in place," said Salti. "So that in some sense is a good incentive to change the whole political team."

But the country's impoverishment could prove to be the greater issue at stake. "The macroeconomic issue should be solved but that's not as immediate an issue as the potential 50% poverty rate," Salti added.

"The pie is shrinking and ideally we want to stop that," she said. "But as we try to stop the shrinking, we should make sure that the cake is sliced in a humane way."