Lebanon suffers massive economic losses from conflict with Israel

Lebanon’s Economy Minister Amer Bisat has stated that the conflict with Israel has inflicted approximately $20 billion in losses on the national economy and severely hampered its development. “The war has caused widespread damage, especially in the southern part of the country. Losses are estimated at around $20 billion,” Bisat told RIA Novosti. Beyond the direct damage, the economy has also suffered significant indirect losses. He noted that Lebanon’s economic volume has nearly halved compared to the pre-crisis period, shrinking from $55-57 billion to approximately $32 billion. As a result of the war, companies and factories have closed, roughly 28 per cent of agricultural land has completely ceased production, and the tourism sector has taken a serious hit. The minister explained that losses suffered by Lebanon’s tourism industry alone are estimated at around $2 billion, equivalent to about seven per cent of the country’s GDP. On 2 March, the Hizbullah resistance movement initiated rocket and drone attacks against Israel amid the US and Israeli war against Iran. In response, Israel conducted massive airstrikes against Hizbullah targets in the southern suburbs of Beirut, as well as in southern and eastern Lebanon, and launched a ground operation in the south of the country. Subsequently, on 16 April, US-mediated talks resulted in a ceasefire agreement, although Israel continued daily strikes on dozens of settlements in southern Lebanon. Hizbullah retaliated with attacks against Zionist Israeli forces.