Ceasefire Brings Temporary Relief Amidst Leban-Israel Conflict Fallout

Israel and Lebanon's Hezbollah have agreed to a ceasefire, aiming to end prolonged hostilities. The conflict resulted in substantial casualties and destruction on both sides, with damages running into billions. The humanitarian and economic impacts are severe, with widespread displacement and economic strain affecting livelihoods and national economies.

In a significant development, Israel and Lebanon's Hezbollah have agreed to a ceasefire. This truce seeks to bring an end to more than a year of conflict, initially triggered by escalating tensions in Gaza.

The conflict has accounted for significant human cost, with over 3,768 fatalities reported in Lebanon, including fighters and civilians, and the loss of 73 Israeli soldiers since hostilities escalated. Over 45 civilians in northern Israel were killed by Hezbollah strikes, and Israel’s military engagement has led to vast destruction, particularly in the Bekaa Valley and South Lebanon.

The economic impacts have been devastating, with Lebanon's GDP expected to contract by 5.7% in 2024. The agriculture sector alone sustained losses exceeding $1.1 billion, while significant displacement has affected hundreds of thousands across regions. In Israel, a burgeoning budget deficit and enduring inflation paint a daunting economic outlook.

(With inputs from agencies.)