According to a report by the World Bank on Thursday, the preliminary assessment of damages and losses concluded Lebanon The material damage alone amounted to 3.4 billion US dollars, and the economic losses amounted to 5.1 billion dollars.
On the economic growth front, the conflict is estimated to have reduced Lebanon’s real GDP growth by at least 6.6 percent in 2024, exacerbating a severe five-year economic contraction that has exceeded 34 percent of real GDP.
The report also addressed the impact of the conflict on the people of Lebanon, where estimates indicate that there are more than 875,000 internally displaced people, with women, children, the elderly, people with special needs, and refugees exposed to the greatest risks.
It is also estimated that about 166,000 individuals lost their jobs, which equates to a decrease in income of 168 million US dollars.
According to the report, the housing sector was the most affected, with about 100,000 housing units partially or completely damaged, and damages and losses in the sector amounted to $3.2 billion.
Disruptions in the trade sector amounted to approximately US$2 billion, driven in part by the displacement of employees and business owners.
The destruction of crops and livestock and the displacement of farmers led to losses and damage in the agricultural sector amounting to approximately $1.2 billion.
The initial assessment of damages and losses in Lebanon relies on remote data sources and analyzes to assess material damage and economic losses in seven main sectors.
The damage assessment covers the six most affected governorates, while the economic losses were assessed across the country as a whole, according to available data.
The assessment covers damage that occurred until October 27, 2024 in four sectors (commerce, health, housing, tourism or hospitality), and until September 27, 2024 in the remaining three sectors (agriculture, environment, and education).
He explained World Bank A comprehensive Rapid Damage and Needs Assessment (RDNA) will be prepared to identify economic and social losses, as well as financing needs for recovery and reconstruction, when the situation allows.
It is expected that the cost of damages, losses and needs that will be estimated through the comprehensive assessment will be much higher than the cost estimated under this initial assessment.
In order to help address the current crisis facing Lebanon, the World Bank is activating emergency response plans in order to redirect available resources within the project portfolio to support the urgent needs of the population.
