World Bank says war in Lebanon has caused billions in losses

The World Bank has estimated that the war in Lebanon has so far caused economic losses of almost $5.1 billion for the country.

In addition, the losses for property damage so far amount to around $3.4 billion, the bank said on Thursday, with almost 100,000 residential units completely destroyed or partially damaged.

Around 166,000 people in Lebanon have lost their jobs due to the war between Israel and the Iran-allied Hezbollah militia.

The conflict is estimated to have cut Lebanon’s real GDP growth by at least 6.6% in 2024.

Even before the war, the World Bank had described Lebanon’s economic crisis, which started in 2019, as among the most severe in the world since the mid-1800s.

The World Bank has estimated that the war in Lebanon has so far caused economic losses of almost $5.1 billion for the country.

In addition, the losses for property damage so far amount to around $3.4 billion, the bank said on Thursday, with almost 100,000 residential units completely destroyed or partially damaged.

Around 166,000 people in Lebanon have lost their jobs due to the war between Israel and the Iran-allied Hezbollah militia.

The conflict is estimated to have cut Lebanon’s real GDP growth by at least 6.6% in 2024.

Even before the war, the World Bank had described Lebanon’s economic crisis, which started in 2019, as among the most severe in the world since the mid-1800s.