Israel-Hezbollah conflict cost Lebanon $8.5 billion, World Bank says

Lebanon faces estimated economical losses of $5.1 cardinal implicit 12 months, driven chiefly by dense impacts connected commerce, tourism, and agriculture. Direct carnal harm successful Lebanon amounts to astatine slightest $3.4 billion, the Damage and Loss Assessment conducted by the World Bank said.

The investigation projects Lebanon’s existent GDP volition declaration by astatine slightest 5.7% successful 2024 owed to the conflict, compared to a 0.9% maturation successful a script without the conflict, a dense toll for a state inactive reeling from the effects of a fiscal illness 5 years ago.

“This compounds 5 years of sustained crisp economical contraction successful Lebanon that has exceeded 34% of existent GDP, losing the equivalent of 15 years economical growth,” the World Bank said.

Housing is the assemblage with the astir reported damage, estimated astatine $2.8 billion, with implicit 99,000 lodging units partially oregon afloat damaged, according to the World Bank. Agriculture, which has been peculiarly affected successful the confederate regions of Lebanon, mislaid implicit $1.1 cardinal implicit 12 months, driven by mislaid harvest caused by demolition of crops and livestock and displacement of farmers, the study said.

Commerce accounted for $178 cardinal successful damage, with economical losses estimated astatine $1.7 billion, the acquisition assemblage losses are estimated astatine $215 million, portion the situation has incurred $221 cardinal successful damage, it added.

The wellness assemblage has suffered losses estimated astatine $338 million, portion tourism and hospitality, 1 of Lebanon’s main economical drivers, person incurred losses of $1.1 billion, according to the World Bank report.

The struggle is having broader societal and biology implications successful Lebanon and has exacerbated nutrient insecurity, the study said.