Lebanon’s economy has incurred $20 billion in losses due to the ongoing war, Lebanese Economy Minister Amin Salam announced on Tuesday. The Lebanese minister cited widespread infrastructure damage and the loss of over 500,000 jobs.
Speaking in a televised interview, Salam noted that U.S. envoy Amos Hochstein recently extended his visit to Lebanon to mediate de-escalation efforts, signaling American interest in achieving a resolution.
The UN has warned that the conflict could further cripple Lebanon’s already struggling economy, predicting a 9.2% drop in GDP in 2024 if hostilities persist. Standard & Poor’s reported that rising tensions have severely diminished Lebanon’s economic recovery prospects.
A World Bank assessment estimated infrastructure damages at $3.4 billion and total economic losses at $5.1 billion since October. The war has reduced Lebanon’s 2024 growth forecast by 6.6%, with significant impacts on housing, trade, and agriculture.
