World Bank: Lebanon's economy ravaged by Syria

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Associated Press

Posted on September 19, 2013 at 4:32 PM

Updated Thursday, Sep 19 at 5:02 PM

WASHINGTON (AP) — A World Bank report says spillover from the Syrian war has cost Lebanon billions of dollars, deeply damaged its economy and harshly strained social services such as health and education.

The new report, published on the website of Lebanese daily al-Safir on Thursday, was prepared for a meeting of the United Nations General Assembly in New York next week to draw donor aid for Lebanon.

It says the war has sent nearly 1 million refugees pouring into Lebanon from neighboring Syria so far. Spillover costs is expected to shave nearly 3 percentage points off gross domestic product growth per year between 2012 and 2014.

And it will double unemployment to more than 20 percent and push about 170,000 Lebanese into poverty on top of 1 million currently in poverty.

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