The International Monetary Fund (IMF) said on Thursday that Gaza, Lebanon and Sudan will need decades to recover from the conflicts taking place on their territories, after lowering growth forecasts for the region.
The IMF noted that Israeli military operations against Hamas in the Gaza Strip, Hezbollah in Lebanon and the civil war in Sudan will 'leave lasting scars'.
It explained in a statement issued on the occasion of the publication of its latest report on the region, that "the damage caused by these conflicts will leave permanent scars in their centers for decades."
The International Monetary Fund lowered its growth forecast for the Middle East and North Africa to 2.1% for 2024, down from its previous forecast issued in April, due to wars and reduced oil production. But growth will rebound and rise to 4% next year, according to the IMF's regional economic forecasts compiled in September.
“This has been a challenging year with conflicts causing devastating human suffering and lasting economic damage,” Jihad Azour, director of the IMF’s Middle East and Central Asia Department, told reporters in Dubai.
“The recent escalation in Lebanon has significantly increased uncertainty across the entire Middle East and North Africa region,” he added.
Azour noted that the IMF’s forecast for Lebanon had been suspended as the conflict with Israel escalated sharply since late September, but said “cautious” estimates showed a contraction of 9%-10% this year.
“The impact (on Lebanon) will be severe and will depend on how long this conflict continues,” the former Lebanese finance minister added.
Follow the latest news on Google News
