403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
UN reports Gaza is witnessing worst economic collapse
(MENAFN) Gaza is experiencing its most severe economic collapse in recorded history, as two years of genocide on Gaza, according to a recent report by the UN Conference on Trade and Development (UNCTAD).
The report highlights that Gaza’s GDP in 2024 fell by 83% compared with the previous year, while GDP per capita dropped to just $161 for the year—less than 50 cents a day—placing it among the lowest economic levels globally. UNCTAD estimates that the economy has shrunk to just 13% of its 2022 size, with inflation reaching 238%, unemployment nearing 80%, and all 2.3 million residents living below the poverty line.
“The post-October 2023 military operations have destroyed the economic foundations of Gaza and propelled it from de-development to utter ruin,” the report states, noting that the crisis has erased nearly seven decades of economic progress. It further estimates that around 70% of structures in Gaza have been damaged, with reconstruction projected to cost at least $70 billion and require decades to complete.
The fighting and ongoing restrictions have also caused a sharp downturn in the wider Palestinian economy, with the West Bank experiencing its most severe contraction on record, UNCTAD said.
The report highlights that Gaza’s GDP in 2024 fell by 83% compared with the previous year, while GDP per capita dropped to just $161 for the year—less than 50 cents a day—placing it among the lowest economic levels globally. UNCTAD estimates that the economy has shrunk to just 13% of its 2022 size, with inflation reaching 238%, unemployment nearing 80%, and all 2.3 million residents living below the poverty line.
“The post-October 2023 military operations have destroyed the economic foundations of Gaza and propelled it from de-development to utter ruin,” the report states, noting that the crisis has erased nearly seven decades of economic progress. It further estimates that around 70% of structures in Gaza have been damaged, with reconstruction projected to cost at least $70 billion and require decades to complete.
The fighting and ongoing restrictions have also caused a sharp downturn in the wider Palestinian economy, with the West Bank experiencing its most severe contraction on record, UNCTAD said.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
Comments
No comment