Lebanon’s Economy Faces Severe Strain Amid Gaza Conflict, Border Clashes
Lebanon’s economy is showing alarming signs of deterioration due to the ongoing conflict in Gaza and hostilities along its border with Israel, warned Mohammad Choucair, president of the Chamber of Commerce, Industry, and Agriculture in Beirut and Mount Lebanon. According to Choucair, demand for food has surged as fears rise over potential escalation between Hizbullah and Israel, while luxury product sales have plunged by 70%.
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Choucair revealed that the restaurant industry experienced an 80% decline, and hotel occupancy rates currently hover at around 10%. Additionally, the car rental sector has suffered over a 90% reduction in business. The instability has also led to a decline in imports and exports, further impacting maritime trade through Beirut’s port.
Arrivals at Beirut airport have decreased by 33% in the past 10 days due to the unrest, while departures increased by 28%. Border areas have seen regular skirmishes between Hizbullah fighters, Palestinian groups, and the Israeli army since October 7. Just this Wednesday, four Hizbullah fighters were killed and five injured in confrontations with Israeli forces.
