Lebanon suffers over $8 billion in losses due to conflict.

The World Bank (WB) estimated on November 14th that Lebanon had suffered losses of more than $8 billion in infrastructure and economic activity.

In its 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 for Lebanon, in addition to at least $3.4 billion in direct damage to infrastructure, AFP reported on November 14.

The report notes that Lebanon's economic losses are primarily concentrated in the trade, tourism, and agricultural sectors. Additionally, fighting and shelling have damaged nearly 100,000 homes, mainly along the Lebanon-Israel border. 81% of the damaged homes are located in the cities of Tyre, Nabatieh, Saida, and the towns of Bint Jbeil and Marjayoun.

Residents witnessed smoke rising from a building in the suburbs of Beirut, Lebanon, on November 14.

"The final cost of damage and losses for Lebanon related to the conflict is expected to significantly exceed the estimated total of $8.5 billion," according to the World Bank report.

The World Bank further stated that the conflict has reduced Lebanon's real GDP growth by at least 6.6% in 2024, and also mentioned that the current instability is causing widespread socio-environmental impacts, exacerbating food insecurity in Lebanon.

Since late September, the Israeli military has intensified airstrikes and launched ground operations in Lebanon, saying it is focusing its attacks on Hezbollah military targets stationed in Lebanon. The Lebanese Ministry of Health estimates that more than 3,400 people have died in the country since the conflict broke out last year.

In related developments, Reuters reported on November 14, citing informed sources, that the US ambassador to Lebanon had submitted a draft ceasefire proposal to Lebanese parliament speaker Nabih Berri that same day, in an effort to de-escalate fighting between Israel and Hezbollah.

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