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Conflict in Lebanon could cause 9.2 percent drop in GDP in 2024: UN

image sourced from original article at https://www.arabnews.com/node/2576508/middle-east

The UN warns that ongoing conflict in Lebanon could cause a 9.2 percent drop in GDP in 2024, further destabilizing the country's already devastated economy. Lebanon has been weakened by years of political, economic, and social crises, with its GDP contracting by 28 percent between 2018 and 2021. If the fighting continues until the end of the year, GDP is projected to decline by 9.2 percent due to companies unable to do business because of Israeli air strikes and capital destruction. Without substantial international support, Lebanon's economic outlook is grim, with GDP expected to contract in 2025 and 2026. Immediate humanitarian relief support and development assistance are needed to address the severe living conditions and aid in longer-term recovery.

Original article source: https://www.arabnews.com/node/2576508/middle-east
Source Id: 2024-10-523925873

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