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War worsens Lebanon's economic crisis with job losses, price gouging and slow business
Business owners say revenue has fallen as much as 90% and generator bills have doubled, while 1.2 million people are displaced.
- Economy Minister Amer Bisat warned of an 'existential' economic shock as Lebanon faces a 7% GDP loss, with 1.2 million people displaced by war-related closures and job losses crippling the nation's fragile economy.
- Since 2019, Lebanon has suffered $70 billion in financial sector losses, with the Lebanese pound losing 90% of its value against the dollar, further compounded by $11 billion in damages from the 2024 war between Israel and Hezbollah.
- Frustrated business owners report generator bills have doubled, forcing closures, while Lebanon's government has conducted over 4,000 inspections since March to address illicit profiteering and price gouging on essential items.
- Riad Aboulteif, a Beirut bar owner, reports his revenue dropped 90% since the war began, while Ayman al-Zain watches his sports clothing store demolished, leaving business owners uncertain about rebuilding amid ongoing strikes.
- A nominal truce between Israel and Hezbollah has reduced but not halted fighting, leaving Lebanese families and business owners to confront daily economic challenges while awaiting resolution to the gridlocked regional crisis.
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15 Articles
Associated Press News+13 Reposted by 13 other sources
War worsens Lebanon's economic crisis with job losses, price gouging and slow business
The latest war between Israel and Hamas, and the closure of the Strait of Hormuz, have sent economic shock waves across the Mideast.
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Total News Sources15
Leaning Left8Leaning Right3Center4Last UpdatedBias Distribution53% Left
Bias Distribution
- 53% of the sources lean Left
53% Left
L 53%
C 27%
R 20%
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