Physical damage from Beirut blast could rocket to $4.6bn

The blast that devastated parts of Beirut early in August caused between $3.8bn and $4.6bn in physical damage and the country will need international aid and private investment to recover, according to an initial assessment led by the World Bank.

, contributing to a loss of economic activity estimated at between $2.9bn and $3.5bn. Housing, transport and cultural assets are among the sectors worst affected, the World Bank said following an assessment carried out with the UN, EU and several Lebanese bodies. Even before the explosion, Lebanon was facing its worst political and economic crisis in decades but had struggled to secure international assistance because politicians repeatedly failed to agree on fiscal reforms and anti-corruption measures required by lenders.

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