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Source: https://www.nytimes.com/2024/01/21/business/economy/israel-gaza-regional-economy.html
War Has Hurt the Economies of Israel's Nearest Neighbors
(New York Times) Patricia Cohen - For Israel's next-door neighbors - Egypt, Lebanon and Jordan - the economic damage of the Israel-Gaza war is already severe, in three months costing the three countries $10.3 billion, the UN Development Program has assessed. "Human development could regress by at least two to three years in Egypt, Jordan, and Lebanon," the analysis warned, citing refugee flows, soaring public debt, and declines in trade and tourism - a vital source of revenue, foreign currency and employment. According to the head of the Suez Canal Authority, traffic is down 30% and revenues are 40% weaker compared to 2023 levels. The drop in tourism has been particularly alarming. In 2019, tourism in Egypt, Lebanon and Jordan accounted for 35-50% of their combined goods and services exports.