The impact of the Israeli war on Gaza and Lebanon and the geopolitical tensions in the Middle East in general affected several economies in the Arab region during 2024, amid the suffering of these countries to recover. World Bank estimates showed that real GDP witnessed a significant decline, as the West Bank economy contracted by 23% in the first half of 2024, while Gaza witnessed an 86% decline in GDP.
The World Bank estimated the economic losses resulting from the Israeli war on Lebanon at about $ 5.1 billion as of November 15. Egypt also experienced a slowdown in GDP growth, with the economy slowing to 2.4% for the fiscal year 2023/24, down from 3.8% the previous year. Inbound tourism to Jordan was one of the sectors most affected by the Middle East tensions, with tourism revenues amounting to $6.15 billion, down 4.4% compared to 2023. This was due to a 6.6% decline in the number of tourists.
Source (Al-Araby Al-Jadeed newspaper, edited)
