Rescue workers inspect the damage caused by an Israeli strike on a building in the village of Qana, South Lebanon, on Oct. 16, 2024. (Credit: Bilal Kashmar/AFP)
Will the war, which has been ongoing since Hezbollah unilaterally opened a support front for Gaza on Oct. 8, 2023, and has dramatically intensified with the massive Israeli bombardments and the start of the ground offensive in late September, be the final blow to an economy and society already battered by a five-years long financial and banking crisis?The government initially estimated the financial losses from the crisis at around $72 billion. Today, these losses are compounded by the cost of damages from the ongoing war. Economist Elie Yashoui and former minister and BDL vice-governor Nasser Saeedi respectively estimated the cost of these damages at $18 billion and $25 billion so far — this bill is rising daily with no end to the war in sight.The gross domestic product (GDP), which stood at $54 billion in 2018, dropped to $16 billion,...
Will the war, which has been ongoing since Hezbollah unilaterally opened a support front for Gaza on Oct. 8, 2023, and has dramatically intensified with the massive Israeli bombardments and the start of the ground offensive in late September, be the final blow to an economy and society already battered by a five-years long financial and banking crisis?The government initially estimated the financial losses from the crisis at around $72 billion. Today, these losses are compounded by the cost of damages from the ongoing war. Economist Elie Yashoui and former minister and BDL vice-governor Nasser Saeedi respectively estimated the cost of these damages at $18 billion and $25 billion so far — this bill is rising daily with no end to the war in sight.The gross domestic product (GDP), which stood at $54 billion in 2018, dropped to $16...