Beirut: The World Bank said Thursday that Lebanon has suffered more than $5 billion in economic losses from more than a year of conflicts that just turned into war, with billions more in actual structural damage.
After nearly a year of limited, cross-border interactions sparked by Hezbollah over the Gaza war, Israel has intensified its air assault on Lebanon since September 23 and then sent in ground forces.
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According to Lebanon’s health ministry, an Israeli attack on the key eastern city of Baalbek on Thursday claimed the lives of at least three civilians.
Hezbollah ally Syria has also been rocked by increased strikes attributed to Israel; the defense ministry reported that 15 people were killed there on Thursday.
The World Bank estimated damage between October 8, 2023, and October 27, 2024, stating that “the conflict has caused $5.1 billion in economic losses” and that “at least $3.4 billion” had been damaged in physical structures.
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According to the report, the losses are “mainly concentrated in the commerce and tourism and hospitality sectors… as well in the agriculture sector.”