BEIRUT (CNN) — Israeli bombing in Lebanon during the past week has crippled the country’s economy, reversing what had promised to be a boom year, the nation’s finance minister said Thursday.

Lebanese Prime Minister Fouad Siniora said earlier that up to 500,000 people had been forced from their homes by Israeli airstrikes that began last week after Hezbollah guerrillas seized two Israeli soldiers in cross-border raid.

Tony and Monika Esseily and their three children were winding up a vacation in Lebanon when Israeli airstrikes began July 12.