Ground operation and air raids launched by Israel against Lebanon’s Hezbollah movement have further deteriorated Lebanon’s economic prospects and social situation, International Monetary Fund’s (IMF) Communications Director, Julie Kozack, said on Thursday.
“Lebanon’s already bleak prospects have only worsened… recent escalation of conflict exacerbates the country’s already fragile macroeconomic and social situation,” she told journalists during a briefing.
According to Kozack, preliminary data indicates that the country’s GDP dropped by 25% in the first half of 2024.
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The IMF representative noted that nearly a year after Palestinian-Israeli conflict escalated, Gaza Strip’s economy has completely destroyed.
Israel has been conducting a ground operation against Hezbollah forces in southern Lebanon since October 1, and continues to carry out air raids on its neighboring country, resulting in over a thousand deaths, including leaders of Shia movement, and displacing over 346,000 people.
Despite losing key personnel, Hezbollah is continuing to fight on the ground and carrying out rocket attacks on Israeli territory.
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The main goal of the military campaign, according to Israel, create conditions for return of 60,000 residents from north who evacuated due to the rocket attacks launched by Hezbollah last year in support of Palestinian Hamas movement.
