US EditionPalestinian economy suffers worst-ever collapse after Israel-Hamas conflict, UN says
Gaza’s GDP fell 87% since 2022, erasing 22 years of progress; rebuilding will cost over $70 billion and take decades, the UNCTAD report warns.
- On Nov 25, UNCTAD warned the Palestinian economy collapsed due to war and restrictions, estimating Gaza Strip rebuilding will cost more than $70 billion and take several decades.
- UNCTAD found that two years of war and economic restrictions triggered an unprecedented collapse across the Palestinian economy, tying the crisis to the October 7, 2023 attack and Israel's intensified blockade and bombing campaign.
- According to UNCTAD's figures, Gaza's GDP contracted by 87 percent over 2023-2024, leaving GDP per capita at $161 and about 174,500 structures damaged.
- The report says Gaza will rely on extensive international support, with recovery taking decades and the crisis ranking among the ten worst globally since 1960.
- UNCTAD urged a comprehensive recovery plan including coordinated international assistance, restoration of fiscal transfers, and easing constraints, noting the West Bank faces its worst downturn worsened by $4bn withheld tax revenues.
32 Articles
32 Articles
Palestinian economy driven to near-total collapse by Israel
The Occupied Palestinian Territory is facing its deepest economic crisis ever recorded, with Gaza hit hardest by years of military operations, restrictions, and destruction. This has erased decades of progress, crushing the Palestinian economy. In this regard, the United Nations Conference on Trade and Development (UNCTAD) has published a new report. It highlights how ‘Israel’s’ continuous military actions, combined with longstanding trade and m…
The two years of war in the Gaza Strip have led to an unprecedented collapse of the Palestinian economy, according to a United Nations report.
Palestinian economy suffers worst-ever collapse after Israel-Hamas conflict, UN says
The two-year Gaza war and economic restrictions in the Israeli-occupied West Bank have triggered the worst collapse in the Palestinian economy on record, wiping out decades of growth, a United Nations report said on Tuesday.
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