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<\/p>\nBy Clauda Tanios<\/p>\n
DUBAI (Reuters) – The World Bank said on Thursday the ongoing conflict between Israel and Hezbollah has caused $8.5 billion in damage and losses to Lebanon, with final figures expected to be significantly higher as the conflict continues.<\/p>\n
Ignited by the Gaza war, the conflict had been rumbling on for nearly a year before Israel went on the offensive in September, pounding Lebanon with airstrikes and sending troops into the south.<\/p>\n
Lebanon faces estimated economic losses of $5.1 billion over 12 months, driven primarily by heavy impacts on commerce, tourism, and agriculture.<\/p>\n
Direct physical damage in Lebanon amounts to at least $3.4 billion, the Damage and Loss Assessment conducted by the World Bank said.<\/p>\n
The analysis projects Lebanon’s real GDP will contract by at least 5.7% in 2024 due to the conflict, compared to a 0.9% growth in a scenario without the conflict, a heavy toll for a country still reeling from the effects of a financial collapse five years ago.<\/p>\n
“This compounds five years of sustained sharp economic contraction in Lebanon that has exceeded 34% of real GDP, losing the equivalent of 15 years economic growth,” the World Bank said.<\/p>\n
Housing is the sector with the most reported damage, estimated at $2.8 billion, with over 99,000 housing units partially or fully damaged, according to the World Bank.<\/p>\n
Agriculture, which has been particularly affected in the southern regions of Lebanon, lost over $1.1 billion over 12 months, driven by lost harvest caused by destruction of crops and livestock and displacement of farmers, the report said.<\/p>\n
Commerce accounted for $178 million in damage, with economic losses estimated at $1.7 billion, the education sector losses are estimated at $215 million, while the environment has incurred $221 million in damage, it added.<\/p>\n
<\/p>\n
The health sector has suffered losses estimated at $338 million, while tourism and hospitality, one of Lebanon’s main economic drivers, have incurred losses of $1.1 billion, according to the World Bank report.<\/p>\n
The conflict is having broader social and environmental implications in Lebanon and has exacerbated food insecurity, the report said. <\/p>\n
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