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Gaza needs multibillions and 70 years to be habitable again: UNCTAD

By Al Mayadeen English
Source: News websites
31 Jan 2024 21:57
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According to the UNCTAD, Gaza needs tens of billions of dollars to make up for what "Israel" has destroyed, economically and structurally.

Smoke rises following an Israeli bombardment in the Gaza Strip, as seen from southern occupied Palestine, Tuesday, Jan. 30, 2024. (AP)

The Israeli genocide in Gaza and the drastic magnitude of bombing have destroyed almost half of the Gazan infrastructure, rendering the strip uninhabitable and in need of billions of dollars for rebuilding, the United Nations stated on Wednesday.

Since "Israel" launched its full-force offensive on Gaza, the UN has followed the deteriorating living conditions, describing the rate as "precipitous".

In late November, the UN Conference on Trade and Development (UNCTAD) estimated that at least 37,379 buildings had been flattened by Israeli attacks, totaling 18% of Gaza's complex. The UNCTAD's recent report indicated that the number has almost tripled since then, reaching 50%.

Satellite footage of Gaza explicitly shows the dire state of the Strip, with nearly half of its infrastructure completely pulverized.

Rami Alazzeh, an economist for UNCTAD and a co-author of the report, relayed the updated estimates to AFP and warned that "the longer these [Israeli military] operations in Gaza go on, the more severe the impact will be," reaffirming that Gaza is unlivable.

Tens of billions of dollars and 70 years to barely rebuild Gaza

Economically, Gaza had been suffering under the 17-year blockade "Israel" had imposed and showed a 4.5% rundown during the first three quarters of 2023, leading up to the genocide. Since October, Gaza's GDP saw a 24% retrenchment, UNCTAD revealed.

Moreover, Gaza's GDP per capita decreased by 26.1% during the past four months, equivalent to the decrease witnessed over the entire interval of the blockade. Unemployment rates in Gaza also increased to 80%, compared to the 45% pre-genocide, noting that the only people with active jobs are those providing humanitarian relief in Gaza.

The report's economic study indicated that rebuilding Gaza and restoring its 0.4 percent growth per year seen over the past 15 years would factually take 70 years, confirming that enormous amounts of aid would be needed to make Gaza at least habitable.

"There is no doubt that it will amount to several tens of billions of dollars by any conservative estimation," the report read.

UNCTAD also called for an immediate ceasefire and mobilization toward the "two-state solution, stressing that the situation must not be repudiated to the pre-October 7 reality, alluding that to secure Gaza and its economy, efficient efforts must be made in methods that would stimulate tangible growth.

Genocide costs

For the Israeli occupation, repercussions of its vicious genocide in Gaza are setting in. Investments have seen drastic declines, and its economic sector is crumbling to shambles.

In late November, the Bank of Israel released a report announcing that the estimated cost of the war on Gaza following Operation Al-Aqsa Flood on October 7 has topped 198 billion shekels ($53 billion).

"Total gross effect of the war [stands at] 198 [billion shekels]," the bank's report stated.

It added that 107 billion shekels were allocated for military spending, which was inclusive.

Moreover, about 260,000 Israelis applied for unemployment benefits since the beginning of the Israeli war on the Gaza Strip, Israeli news website Davar reported.

The Israeli outlet revealed that 142,500 of these applicants are currently on unpaid leave, as the private Israeli sector continues to cut off staffers due to the economic crisis, resulting from the Israeli government's aggression on the Gaza Strip.