The report highlighted the staggering scale of economic devastation and the unprecedented decline in economic activity, which far exceeded the impact of all previous military confrontations in 2008, 2012, 2014 and 2021. Inflationary pressures combined with rising unemployment and The collapse of incomes has seriously impoverished Palestinian households. .
According to the report, the military operation caused unprecedented loss of life, displacement and widespread destruction of infrastructure. By early 2024, between 80 and 96 percent of Gaza's agricultural assets had been decimated, crippling the region's food production capacity and worsening already high levels of food insecurity. The destruction also hit the private sector hard, with 82 percent of businesses, a key driver of Gaza's economy, damaged or destroyed.
Gaza's gross domestic product (GDP) plunged 81 percent in the last quarter of 2023, leading to a 22 percent contraction for the full year. By mid-2024, Gaza's economy had shrunk to less than one-sixth of its 2022 level, the report said.
Labor market conditions in the West Bank have deteriorated significantly, with a total of 306,000 jobs lost, raising West Bank unemployment rates from 12.9 percent before the conflict to 32 percent, Xinhua news agency reported. .
The situation in Gaza is particularly serious: by January 2024, two-thirds of pre-war jobs will have been lost, according to the report.
The report also notes that poverty has been widespread and increasing in recent years. Before October 2023, 80 percent of Gaza's population depended on international assistance. Poverty currently affects almost the entire population of Gaza and is increasing rapidly in the West Bank.
The fiscal stability of the Palestinian government is under immense pressure, jeopardizing its ability to function effectively and provide essential services. The government's fiscal capacity has been eroded by slow GDP growth, revenue deductions by Israel and a sharp decline in international aid, the report said.
UNCTAD highlighted in the report that long-term occupation is a major economic obstacle to sustainable development due to continued restrictions on investment, labor mobility and trade.
The UN trade and development body called for a comprehensive recovery plan for the occupied Palestinian territory, increased international aid and support, release of withheld revenues and lifting of the blockade on Gaza.
According to the report, the military operation caused unprecedented loss of life, displacement and widespread destruction of infrastructure. By early 2024, between 80 and 96 percent of Gaza's agricultural assets had been decimated, crippling the region's food production capacity and worsening already high levels of food insecurity. The destruction also hit the private sector hard, with 82 percent of businesses, a key driver of Gaza's economy, damaged or destroyed.
Gaza's gross domestic product (GDP) plunged 81 percent in the last quarter of 2023, leading to a 22 percent contraction for the full year. By mid-2024, Gaza's economy had shrunk to less than one-sixth of its 2022 level, the report said.
Labor market conditions in the West Bank have deteriorated significantly, with a total of 306,000 jobs lost, raising West Bank unemployment rates from 12.9 percent before the conflict to 32 percent, Xinhua news agency reported. .
The situation in Gaza is particularly serious: by January 2024, two-thirds of pre-war jobs will have been lost, according to the report.
The report also notes that poverty has been widespread and increasing in recent years. Before October 2023, 80 percent of Gaza's population depended on international assistance. Poverty currently affects almost the entire population of Gaza and is increasing rapidly in the West Bank.
The fiscal stability of the Palestinian government is under immense pressure, jeopardizing its ability to function effectively and provide essential services. The government's fiscal capacity has been eroded by slow GDP growth, revenue deductions by Israel and a sharp decline in international aid, the report said.
UNCTAD highlighted in the report that long-term occupation is a major economic obstacle to sustainable development due to continued restrictions on investment, labor mobility and trade.
The UN trade and development body called for a comprehensive recovery plan for the occupied Palestinian territory, increased international aid and support, release of withheld revenues and lifting of the blockade on Gaza.
