One Year After Genocide: Gaza's Economy Faces Total Collapse
Date
10/3/2024 2:31:29 PM
(MENAFN- Palestine News Network )
Bethlehem/ PNN/ Manar Abudayah
12 months were enough for Israel to devastate the Economy of Gaza, which had been suffering under a tight blockade for over 17 years, effectively returning Palestinians to square one and initiating a long journey of reconstruction, if the opportunity arises. Since October 7, 2023, Israel, with unwavering American support, has continued its genocidal actions in the territory, but the anticipated end of these atrocities will merely shift the focus for Palestinians to the ongoing battles of rebuilding their destroyed economy in other arenas.
Before the onset of Israeli genocide, Gaza's economy accounted for approximately 14% of Palestine's GDP, valued at $2.8 billion according to official government figures, with an unemployment rate near 40%. In June, the International Labour Organization reported that the unemployment rate in Gaza had surged to about 80%, raising the overall unemployment rate in the Palestinian territories to over 50%, compared to 23% on the eve of October 7, 2023. The UN agency's fourth assessment of the impact of Israeli genocide on employment indicated that the unemployment rate reached 79.1% in Gaza and around 32% in the occupied West Bank, bringing the overall rate to 50.8%.
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