Gaza's Economy in 'Ruins', Says UN
A report reveals that the conflict between Israel and Hamas has caused an “unprecedented decline” in the economy of the Palestinian enclave. Read Full Article at RT.com
TroibNews 
A recent report from the United Nations Conference on Trade and Development, released on Thursday, paints a grim picture of the economic situation in Gaza amid ongoing conflicts with Israel. The study reveals that by the middle of 2024, Gaza's GDP had drastically fallen to only one-sixth of its level before the war, marking an 81% decrease in the final quarter of 2023 alone, and a total contraction of 22% for the year. UNCTAD described the situation as one where the economy is "in ruins."
The report also detailed severe damage to Gaza's agriculture, with 80% to 96% of the sector's assets destroyed, severely impairing the region’s ability to produce food and exacerbating existing food security issues. “This has crippled the region’s food production capacity and worsened already high levels of food insecurity,” the report noted.
Significant impacts were also felt in the private sector, which is crucial for Gaza’s economic health. The UN trade body's findings indicated that approximately 82% of businesses in the enclave suffered damages or were completely destroyed. Furthermore, by January 2024, Gaza had lost two-thirds of its employment opportunities, approximately 201,000 jobs, deepening the economic and humanitarian crisis.
Before the escalation of hostilities on October 7, due to a Hamas attack, 80% of Gaza's population was already dependent on international aid. The report underscores that "Currently, poverty affects nearly the entire population of Gaza and is rising rapidly in the West Bank," advocating for prompt international action to assist the economy and facilitate peace initiatives.
The situation escalated when Israel declared war following a significant attack by Hamas in October 2023, which resulted in the death of 1,200 Israelis. The ongoing military response has led to substantial casualties, with Gaza's Health Ministry reporting over 41,000 Palestinians killed and another 95,000 wounded.
In a recent development, Hamas expressed willingness to initiate an "immediate" ceasefire following a U.S. proposal outlined by President Joe Biden in June, which seeks a phased cessation of hostilities and includes provisions for the release of Israeli hostages.
Frederick R Cook for TROIB News
The report also detailed severe damage to Gaza's agriculture, with 80% to 96% of the sector's assets destroyed, severely impairing the region’s ability to produce food and exacerbating existing food security issues. “This has crippled the region’s food production capacity and worsened already high levels of food insecurity,” the report noted.
Significant impacts were also felt in the private sector, which is crucial for Gaza’s economic health. The UN trade body's findings indicated that approximately 82% of businesses in the enclave suffered damages or were completely destroyed. Furthermore, by January 2024, Gaza had lost two-thirds of its employment opportunities, approximately 201,000 jobs, deepening the economic and humanitarian crisis.
Before the escalation of hostilities on October 7, due to a Hamas attack, 80% of Gaza's population was already dependent on international aid. The report underscores that "Currently, poverty affects nearly the entire population of Gaza and is rising rapidly in the West Bank," advocating for prompt international action to assist the economy and facilitate peace initiatives.
The situation escalated when Israel declared war following a significant attack by Hamas in October 2023, which resulted in the death of 1,200 Israelis. The ongoing military response has led to substantial casualties, with Gaza's Health Ministry reporting over 41,000 Palestinians killed and another 95,000 wounded.
In a recent development, Hamas expressed willingness to initiate an "immediate" ceasefire following a U.S. proposal outlined by President Joe Biden in June, which seeks a phased cessation of hostilities and includes provisions for the release of Israeli hostages.
Frederick R Cook for TROIB News
