UN decries 'staggering' economic devastation across Gaza, W. Bank

September 12, 2024 / 8:02 PM

Palestinians search in the rubble for survivors at the site of an Israeli strike in the Shejaiya suburb east of Gaza City

Sharjah 24 – AFP: The UN has reported severe economic devastation in Gaza and the West Bank due to Israel’s ongoing war with 'Hamas'. Gaza's economy has shrunk to less than one-sixth of its 2022 size, with production halted, widespread poverty, and entire communities destroyed, according to the UN Trade and Development agency (UNCTAD).

The war, which began over 11 months ago, has caused "staggering" damage to Gaza’s infrastructure and businesses, with 82% of enterprises damaged or destroyed. By mid-2024, Gaza's economy had dramatically contracted, and its GDP plummeted by 81% in the last quarter of 2023 alone.

The West Bank is also suffering from a rapid economic decline due to increased violence, settlement expansions, and land confiscation. GDP there contracted by 19% in late 2023. Unemployment rates have soared, particularly in Gaza, where nearly 201,000 jobs were lost by January 2024, pushing unemployment to 79%. The situation has left nearly the entire population of Gaza in poverty, while conditions in the West Bank continue to worsen.