The World Bank estimated Thursday that Lebanon has been hit by $8.5 billion in physical damages and economic losses from 13 months of Israel's war against the Hezbollah militant group.
Damages to physical infrastructure alone were valued at $3.4 billion, while economic losses totaled $5.1 billion, according to the World Bank’s assessment. Housing has borne the brunt of the destruction with nearly 100,000 units damaged, totaling $3.2 billion in destruction and losses.
Lebanon was already reeling from a severe economic crisis that has gripped the country since 2019. The war is expected to shrink Lebanon’s real GDP growth by at least 6.6% in 2024, worsening an already dire economic situation after five consecutive years of steep recession, the report said.
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The World Bank’s report also said that approximately 166,000 individuals have lost their jobs, resulting in an estimated $168 million in lost earnings.
Other sectors have suffered as well, with commerce losses nearing $2 billion due to disrupted businesses and agricultural losses reaching $1.2 billion as crops, livestock, and farmers have been severely impacted, the report said.
In comparison, after the month-long war between Hezbollah and Israel in 2006, the World Bank had estimated damage from the hostilities at $2.8 billion, “with indirect damages accounting for another US$700-$500 million in losses.”
