{"id":4920,"date":"2020-09-01T15:35:06","date_gmt":"2020-09-01T12:35:06","guid":{"rendered":"https:\/\/zdg.md\/en\/?p=4920"},"modified":"2020-09-02T15:41:45","modified_gmt":"2020-09-02T12:41:45","slug":"world-bank-reports-beirut-explosion-caused-up-to-us8-0-billion-in-damages-to-infrastructure-and-physical-assets","status":"publish","type":"post","link":"https:\/\/www.zdg.md\/en\/world-bank-reports-beirut-explosion-caused-up-to-us8-0-billion-in-damages-to-infrastructure-and-physical-assets\/","title":{"rendered":"World Bank Reports: Beirut Explosion Caused Up to US$8.0 Billion in Damages to Infrastructure and Physical Assets"},"content":{"rendered":"\n

<\/p>\n\n\n\n

The Beirut explosion has caused material damage and economic losses up to US$8.1 billion, and Lebanon urgently needs US$605 to US$760 million in the immediate term until December 2020 to recover, according to a published report by the World Bank, informs Agence France-Presse, quoted by Agerpres<\/a>.<\/p><\/div>\n\n\n\n

The August 4 explosion, which resulted in a thick cloud of mushroom smoke, killed 178 people, injured another 6,000, and caused 3.8 billion to US$4.6 billion in damage to physical stock. Losses including changes in economic flows as a result of the decline in the output of the economic sectors are estimated to be in the range of US$2.9 and US$3.5 billion. <\/p>\n\n\n\n

According to World Bank, the worst-hit sectors are housing, transportation, and cultural assets (including religious and archeological sites, national monuments, theaters, archives, libraries, monuments).<\/p>\n\n\n\n

The estimated number for immediate reconstruction (by the end of the year) is between US$650 and US$760 million and a range between US$1.18 and US$ 1.46 billion for 2021. The transport sector\u2019s needs are the highest, followed by culture and housing.<\/p>\n\n\n\n

At the macroeconomic level, the World Bank warns that “the explosion has caused three major economic effects: losses in economic activity caused by the destruction of physical capital; trade disruptions; and losses in fiscal revenues for the Government.” Consequently, according to World Bank forecasts, Lebanon’s Gross Domestic Product expects a decline of 0.4 points in 2020 and 0.6 points next year.<\/p>\n\n\n\n

Even before the explosion, Lebanon was facing a crisis on several levels (economic, financial, and monetary), intensified by the effects of the Covid-19 pandemic, which led the World Bank to anticipate a 10.9 percent decline in GDP in 2020.<\/p>\n\n\n\n

“The catastrophe will not only provoke the contraction of economic activity but will also worsen poverty, which has already affected 45 percent of the population before the explosion.”<\/p>\n\n\n\n

Given Lebanon\u2019s state of insolvency and lack of sufficient foreign exchange reserves, international aid and private investment will be essential for comprehensive recovery and reconstruction. <\/p>\n\n\n\n

A prior external linkage to Beirut, Lebanon, was the Rhosus Moldovan-flagged ship, which allegedly transported the 2,700 tons of ammonium nitrate that exploded in the port area of Beirut, as told in an article<\/a> by Ziarul de Garda.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The August 4 explosion, which resulted in a thick cloud of mushroom smoke, killed 178 people, injured another 6,000, and caused 3.8 billion to US$4.6 billion in damage to physical stock. Losses including changes in economic flows as a result of the decline in the output of the economic sectors are estimated to be in…<\/p>\n","protected":false},"author":9,"featured_media":4921,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[125,284,11,10],"tags":[439,369,440,375],"autor":[407],"class_list":["post-4920","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-foreign-affairs","category-important","category-news","tag-agerpres","tag-beirutexplosion","tag-lebanon","tag-worldbank","autor-agerpress"],"acf":[],"yoast_head":"\nWorld Bank Reports: Beirut Explosion Caused Up to US$8.0 Billion in Damages to Infrastructure and Physical Assets - Ziarul de Gard\u0103<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zdg.md\/en\/world-bank-reports-beirut-explosion-caused-up-to-us8-0-billion-in-damages-to-infrastructure-and-physical-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank Reports: Beirut Explosion Caused Up to US$8.0 Billion in Damages to Infrastructure and Physical Assets - Ziarul de Gard\u0103\" \/>\n<meta property=\"og:description\" content=\"The August 4 explosion, which resulted in a thick cloud of mushroom smoke, killed 178 people, injured another 6,000, and caused 3.8 billion to US$4.6 billion in damage to physical stock. 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