Lebanon lost more than 8 billion USD due to conflict

The World Bank (WB) estimated on November 14 that Lebanon had suffered more than $8 billion in damage to infrastructure and economic activities.

In a report on Lebanon, the World Bank estimated that from October 8, 2023 to October 27, 2024, the conflict between Hezbollah forces in Lebanon and Israel caused economic losses of 5.1 billion USD to Lebanon, in addition to at least 3.4 billion USD in direct damage to infrastructure, AFP reported on November 14.

The report said that the Lebanese economic losses were mainly concentrated in the trade, tourism and agricultural sectors. In addition, the fighting and shelling damaged nearly 100,000 houses, mainly on the Lebanese-Israeli border. 81% of the damaged houses were in the areas of the cities of Tyre, Nabatieh, Saida, the two towns of Bint Jbeil and Marjayoun.

People witness smoke rising from a building on the outskirts of Beirut, Lebanon on November 14.

“The ultimate cost of damage and loss to Lebanon related to the conflict is expected to significantly exceed the estimated total of $8.5 billion,” according to the WB report.

The World Bank added that the conflict has reduced Lebanon's real GDP growth by at least 6.6% by 2024, adding that the current unrest has caused broad socio-environmental impacts, exacerbating food insecurity in Lebanon.

Since late September, the Israeli military has intensified air strikes and launched a ground operation in Lebanon, saying it is focusing on Hezbollah military targets based in Lebanon. The Lebanese Health Ministry estimates that more than 3,400 people have been killed in the country since the conflict began last year.

In a related development, Reuters on November 14 quoted informed sources as saying that the US Ambassador to Lebanon on the same day submitted a draft ceasefire proposal to Lebanese Parliament Speaker Nabih Berri, in an effort to cool down the fighting between Israel and Hezbollah.

Source: https://thanhnien.vn/li-bang-thiet-hai-hon-8-ti-usd-do-xung-dot-185241115072949724.htm