BEIRUT: The impacts of the Israel-Hamas war are set to push crisis-hit Lebanon’s economy back into recession, the World Bank said Thursday, blaming mainly a “shock to tourism spending.”
Lebanon’s southern border has seen regular exchanges of fire, mainly between the Israeli army and Hamas ally Hezbollah, since the Gaza conflict erupted on October 7.
The impact of the conflict had reversed a slight recovery for Lebanon, which has battled a deep economic crisis for years, the Washington-based bank said in a report.
“Prior to October 2023, economic growth was projected — for the first time since 2018 — to slightly expand in 2023,” by 0.2 percent, the World Bank said.
It attributed the positive pre-war expectations mainly to summer tourism and remittances from the large Lebanese diaspora.
But, it added, “the current conflict and its spillovers into Lebanon are expected to quickly reverse the tepid growth projected for 2023, as the economy returns to a recession.”
The economy will contract “primarily due to the shock to tourism spending,” the report said.
More than half of travel reservations to Lebanon have been canceled for winter holidays, the World Bank said, warning that “tourism cannot, on its own, serve as the basis for an economic recovery.”
Real gross domestic product is expected to decline “to between minus 0.6 percent to minus 0.9 percent depending on the extent of the tourism shock,” it added.
Lebanon’s economy collapsed in late 2019, plunging most of the population into poverty, according to the United Nations.
Bickering politicians, widely accused of corruption, have been unable to agree on measures to save the economy, or even on selecting a new head of state.
Lebanon has been governed by a caretaker government with limited powers and without a president for more than a year as lawmakers have repeatedly failed to elect a new leader.
Gaza war to throw Lebanon back into recession: World Bank
https://arab.news/bwfwd
Gaza war to throw Lebanon back into recession: World Bank
- Lebanon’s southern border has seen regular exchanges of fire, mainly between the Israeli army and Hamas ally Hezbollah
- The impact of the conflict had reversed a slight recovery for Lebanon
US military launches strikes in Syria against Daesh fighters after American deaths
- “This is not the beginning of a war — it is a declaration of vengeance,” Defense Secretary Pete Hegseth says
- President Trump earlier pledged “very serious retaliation” but stressed that Syria was fighting alongside US troops
WASHINGTON: The Trump administration launched military strikes Friday in Syria to “eliminate” Daesh group fighters and weapons sites in retaliation for an ambush attack that killed two US troops and an American interpreter almost a week ago.
A US official described it as “a large-scale” strike that hit 70 targets in areas across central Syria that had Daesh (also known as Islamic State or IS) infrastructure and weapons. Another US official, who also spoke on condition of anonymity to discuss sensitive operations, said more strikes should be expected.
The attack was conducted using F-15 Eagle jets, A-10 Thunderbolt ground attack aircraft and AH-64 Apache helicopters, the officials said. F-16 fighter jets from Jordan and HIMARS rocket artillery also were used, one official said.
“This is not the beginning of a war — it is a declaration of vengeance. The United States of America, under President Trump’s leadership, will never hesitate and never relent to defend our people,” Defense Secretary Pete Hegseth said on social media.
President Donald Trump had pledged “very serious retaliation” after the shooting in the Syrian desert, for which he blamed Daesh. The troops were among hundreds of US troops deployed in eastern Syria as part of a coalition fighting the terrorist group.
Trump in a social media post said the strikes were targeting Daesh “strongholds.” He reiterated his support for Syrian President Ahmad Al-Sharaa, who he said was “fully in support” of the US effort to target the militant group.
Trump also offered an all-caps threat, warning the group against attacking US personnel again.
“All terrorists who are evil enough to attack Americans are hereby warned — YOU WILL BE HIT HARDER THAN YOU HAVE EVER BEEN HIT BEFORE IF YOU, IN ANY WAY, ATTACK OR THREATEN THE USA.,” the president added.
The attack was a major test for the warming ties between the United States and Syria since the ouster of autocratic leader Bashar Assad a year ago. Trump has stressed that Syria was fighting alongside US troops and said Al-Sharaa was “extremely angry and disturbed by this attack,” which came as the US military is expanding its cooperation with Syrian security forces.
Syria’s foreign ministry in a statement on X following the launch of US strikes said that last week’s attack “underscores the urgent necessity of strengthening international cooperation to combat terrorism in all its forms” and that Syria is committed “to fighting Daesh and ensuring that it has no safe havens on Syrian territory and will continue to intensify military operations against it wherever it poses a threat.”
Daesh has not claimed responsibility for the attack on the US service members, but the group has claimed responsibility for two attacks on Syrian security forces since, one of which killed four Syrian soldiers in Idlib province. The group in its statements described Al-Sharaa’s government and army as “apostates.” While Al-Sharaa once led a group affiliated with Al-Qaeda, he has had a long-running enmity with Daesh.
Syrian state television reported that the US strikes hit targets in rural areas of Deir ez-Zor and Raqqa provinces and in the Jabal Al-Amour area near Palmyra. It said they targeted “weapons storage sites and headquarters used by Daesh as launching points for its operations in the region.”
Trump this week met privately with the families of the slain Americans at Dover Air Force Base in Delaware before he joined top military officials and other dignitaries on the tarmac for the dignified transfer, a solemn and largely silent ritual honoring US service members killed in action.
The guardsmen killed in Syria last Saturday were Sgt. Edgar Brian Torres-Tovar, 25, of Des Moines, and Sgt. William Nathaniel Howard, 29, of Marshalltown, according to the US Army. Ayad Mansoor Sakat, of Macomb, Michigan, a US civilian working as an interpreter, was also killed.
The shooting nearly a week ago near the historic city of Palmyra also wounded three other US troops as well as members of Syria’s security forces, and the gunman was killed. The assailant had joined Syria’s internal security forces as a base security guard two months ago and recently was reassigned because of suspicions that he might be affiliated with Daesh, Interior Ministry spokesperson Nour Al-Din Al-Baba has said.
The man stormed a meeting between US and Syrian security officials who were having lunch together and opened fire after clashing with Syrian guards.
When asked for further information, the Pentagon referred AP to Hegseth’s social media post.
