UNITED NATIONS: The United Nations warned Wednesday that fighting in Lebanon could further destabilise the economy, which has already been severely damaged by years of instability. If the violence continues, the UN predicts a 9.2 percent decline in GDP in 2024.
Israel and the Iran-backed militant organisation Hezbollah are now openly fighting each other after a year of border skirmishes. Israel began a ground offensive in southern Lebanon late last month.
It stated that the 2024 escalation of hostilities in Lebanon occurs at a time when the country is already being undermined by years of social, political, and economic problems.
According to the analysis, Lebanon’s GDP shrank by 28% between 2018 and 2021, and the Lebanese pound lost almost 98% of its value, leading to hyperinflation and a large decline in purchasing power. Kawthar Dara, an economist in the UNDP country office in Lebanon, told AFP that despite all of that, the situation appeared to have stabilised in 2022 and 2023, and the UN agency had forecast 3.6 percent growth in 2024. Since September 23, the war has gotten more intense, “threatening to further destabilise Lebanon’s already fragile economy” and cause a “prolonged economic downturn.
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