Lebanon losses top $5b: WB

World Bank says actual structural damage amounts to billions more

BEIRUT:

More than a year of clashes that recently escalated into war have cost Lebanon more than $5 billion in economic losses, with actual structural damage amounting to billions more, the World Bank said on Thursday.

Since September 23, Israel has ramped up its air invasion in Lebanon, later sending in ground troops following almost a year of limited, cross-border exchanges initiated by Hezbollah over the Gaza war.

Lebanon's health ministry said at least three people were killed on Thursday in an Israeli attack on the main eastern city of Baalbek.

Intensified strikes blamed on Israel have also hit Hezbollah ally Syria, where the defence ministry said 15 people were killed Thursday.

In its Lebanon report, the World Bank provided estimates for damage between October 8, 2023 and October 27, 2024, saying "the conflict has caused $5.1 billion in economic losses", with damage to physical structures amounting to "at least $3.4 billion" on top of that.

The losses are "largely concentrated in the commerce and tourism and hospitality sectors... as well as in the agriculture sector", the report said.