The European Bank for Reconstruction and Development has said it expected Lebanon’s economy to decline further in 2024 because of geopolitical turmoil. Lebanon’s economy will contract by one percent in 2024, the EBRD predicted on Thursday, heavily revising its estimation made in May that the struggling economy would grow slightly. Israel’s war in Gaza has already impacted neighbouring countries’ economic growth and fighting is now heightening in Lebanon. “Any escalation will certainly weigh down on growth,” Beata Javorcik, the EBRD’s chief economist said.
