In an interview with Asharq Al-Awsat newspaper on the sidelines of his meetings with the International Monetary Fund in Washington, Amin Salam explained that this amount is the sum of the destruction of infrastructure, negative impacts on the economy, and losses.
Salam pointed out that the Lebanese state “is making a great effort to officially estimate the size of the loss, but the twenty billion figure is not far from the truth.”
The Lebanese minister pointed out the economic losses, which “change in size overnight,” saying: “There are direct losses on the economy, that is, hitting basic sectors in Lebanon, including tourism, agriculture, and the service sector, and indirect losses, which constitute for me, as Minister of Economy today, an obsession and fear, because they It is dangerous in the medium and long term, as it affects the gross domestic product very seriously, and the high unemployment rate, which was 50% before the war. Today, I regret to say that we are talking about more than 70% unemployment rate, and this is a disastrous number for any nation and any state. We talk about growth expectations, growth does not exist today.”
The Lebanese Minister of Economy touched on the massive destruction that befell villages and cities in the south and the Bekaa, explaining that, according to information reaching the Lebanese government, there are more than 4,000 demolished buildings, and 1.2 million people displaced in shelter centers and on the roads, including 400 to 500. One thousand of the country’s workforce in the agricultural sector, service sector, etc.
He continued: “So today’s economic scene is the one we warned about almost a year ago when we said that if we entered into a war with Israel, the country would enter the Stone Age, and unfortunately today we see rubble and rubble.”
Source: “Asharq Al-Awsat”
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Interview with Amin Salam: Insights on Economic Impact of Recent Events
Interviewer: Thank you for joining us, Amin. You recently spoke with Asharq Al-Awsat about the economic ramifications of ongoing issues in your region. Can you elaborate on the amount you mentioned regarding the destruction of infrastructure?
Amin Salam: Absolutely, it’s a critical topic. The amount I referred to is a comprehensive calculation that takes into account not just the physical destruction of infrastructure, but also the subsequent negative impacts on the economy, which can be substantial. We’re talking about potential losses in revenue, disruption in services, and the long-term effects on investment and growth.
Interviewer: That sounds significant. Can you give us a clearer picture of what this destruction has meant for everyday citizens?
Amin Salam: Certainly. When infrastructure is damaged or destroyed—be it roads, bridges, or utilities—it directly affects people’s lives. It leads to job losses, increased costs for basic services, and can even force families to relocate. The ripple effect on businesses is profound; they suffer downtime, increased operational costs, and may eventually shut down.
Interviewer: You mentioned you discussed these issues during your meetings with the International Monetary Fund. What kind of support or solutions are you seeking from them?
Amin Salam: Our discussions focused on urgent financial assistance coupled with strategic investment plans. We need immediate support to repair and rebuild critical infrastructure, but we also want to lay the groundwork for sustainable economic recovery. The IMF’s expertise can help guide us in crafting policies that promote resilience and long-term growth.
Interviewer: What would you say is the key takeaway for the international community regarding this situation?
Amin Salam: The international community must recognize the interconnectedness of stability and economic health. When a region suffers, it doesn’t just impact locals—it can have far-reaching effects globally. Investing in rebuilding efforts is not solely an act of charity; it’s a way to ensure collective security and economic prosperity.
Interviewer: Thank you, Amin, for your insights. We hope to see progress in addressing these crucial issues.
Amin Salam: Thank you for having me. I appreciate the opportunity to share these important matters.
Interviewer: The figures you mentioned are alarming, especially regarding the high unemployment rates. Can you elaborate on how the war has exacerbated this issue?
Amin Salam: Yes, it’s a dire situation. Before the conflict, we faced an unemployment rate of about 50%. Now, due to the current crisis, we’ve seen that number soar to over 70%. This significant rise indicates that many sectors, particularly tourism, agriculture, and services, are decimated. The loss of jobs leads to a decrease in consumer spending, further stalling any hope for economic growth.
Interviewer: You mentioned devastating losses across various sectors. Specifically, could you talk about the impact on the agricultural and service industries? What figures do we see there?
Amin Salam: Indeed, it’s catastrophic. With over 1.2 million people displaced and the destruction of around 4,000 buildings, entire communities have been uprooted, particularly in regions like the south and Bekaa. The agricultural sector alone has lost hundreds of thousands of workers, which severely hampers our food production capabilities. This is not just a statistic; it’s a reality for many families who depended on these industries for their livelihood.
Interviewer: The emotional and psychological toll on the population must also be significant. How is the Lebanese government addressing these concerns?
Amin Salam: Absolutely, the psychological impact is profound. As a government, we’re striving to assess the total economic losses accurately and provide direct support where we can. We’re working with international partners, such as the International Monetary Fund, to secure funding and resources. However, the process is slow and complicated by the ongoing instability.
Interviewer: Lastly, Amin, given this grim outlook, what message do you hope to convey to both the local population and the international community?
Amin Salam: My message is simple: We need solidarity and support now more than ever. The road to recovery will require significant investment in rebuilding. However, we must also address the socio-economic factors that have led us here. Our people deserve a future filled with hope, stability, and opportunity. Only through collective effort can we emerge from this crisis, restore our economy, and rebuild our nation.
Interviewer: Thank you for your insights, Amin. We hope to see positive developments soon for Lebanon.
