Overall damage resulting from the explosion is substantial and ranges between $3.8 billion and $4.6 billion, with economic losses ranging between $2.9 billion and $3.5 billion, according to the ‘Beirut Rapid Damage and Needs Assessment’ report, released by the World Bank.
According to the World Bank, the Port of Beirut explosion is expected to cause up to 0.4 and 0.6 percentage point (pp) estimated declines in the growth rate of real GDP in 2020 and 2021.
Overall damage
$3.8 – $4.6 billion
Economic losses
$2.9 – $3.5 billion
Declines in the growth rate of real GDP in 2020 and 2021
0.4 – 0.6 percentage point
Commerce and Industry
According to the World Bank, there are an around 1,500 shops located in the central and eastern parts of Beirut including the Downtown area, Saifi, Ashrafieh, Mar Mikhael, Gemmayzeh, Karantina and Bourj Hammoud. Nearly 80 percent of these stores are microenterprises with less than five employees, whereas 13 percent of them are small, five percent are mediumsized and two percent large. Most of the businesses are located in residential buildings. The blast area also hosts four large commercial malls with shopping alleys, two of which are close to the port site and have been heavily damaged.
The Karantina area hosts ten to 15 medium-to-large sized industries including mills, food packaging and cement packing businesses as well as mattress factories and furniture workshops.
The three main mills (accounting for 55 percent of market share) are within a three-kilometer radius to the port site, the area with the highest reported damages. According to
