BEIRUT, March 7 (KUNA) -- Following the Israeli occupation aggression on Lebanon last year, the World Bank on Friday estimated Lebanon's recovery costs at USD 11 billion.
The total economic cost stands at USD 14 billion, including USD 6.8 billion in damage to physical structures and USD 7.2 billion in economic losses from reduced productivity, forgone revenues, and operating costs, according to a World Bank report on Friday assessing damage and losses from October 8 to December 20, 2024.
The Lebanese housing sector has suffered the most, with losses estimated at USD 4.6 billion, while the tourism industry has lost USD 3.6 billion, it said.
"The impacts of the conflict have resulted in Lebanon's real GDP contracting by 7.1 percent in 2024, a significant setback compared to a no-conflict growth estimate of 0.9 percent," the World Bank added.
"By the end of 2024, Lebanon's cumulative GDP decline since 2019 approached 40 percent, compounding the effects of the multi-pronged economic downturn and impacting Lebanon's prospects for economic growth," it noted. (end) ayb.mt