Lebanon suffered “economic losses” of more than five billion dollars in a year of conflict between the Israeli army and Hezbollah, according to an estimate released today by the World Bank, specifying that nearly 100,000 homes were damaged.
The World Bank study mainly covers the period from October 8, 2023 to October 27, 2024.
Even before the cross-border exchanges of fire that began in October 2023 between Hezbollah and the Israeli army, Lebanon and its six million inhabitants were being tested by an unprecedented economic collapse since 2019.
And since September 2024, the simmering conflict has escalated into open war, with daily Israeli military bombardments of Hezbollah strongholds.
“The conflict caused damage to 99,209 houses”, the World Bank report highlights today, specifying that 18% of these houses were “totally destroyed”.
Almost 81% of the affected households are located mainly in the south of the country, in the regions of Tyre, Nabatiya, Sidon, Bid Jbeil or even Marjayoun, according to the World Bank.
The conflict also caused “economic losses of $5.1 billion” mainly in the trade, tourism, hotel industry and agriculture sectors.
Regarding the “damages” caused to the buildings, the international financial institution estimates them at 3.4 billion dollars.
The World Bank also estimates that the conflict “reduced real GDP growth in 2024 by at least 6.6%”.
“This is in addition to five years of strong economic contraction in Lebanon,” recalls the World Bank, referring to the economic collapse in which the country had plunged since 2019.
Between this economic crisis and the consequences of the raging conflict, Lebanon is “losing the equivalent of 15 years of economic growth”, the international organization underlines.
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