New UNCTAD report details economic devastation in Gaza, West Bank
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According to this new report, Gaza's GDP plummeted by 81 percent in the last quarter of 2023, leading to a 22-percent contraction for the entire year.
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Palestinians look at the destruction after an Israeli airstrike on a crowded tent camp housing Palestinians displaced by the war in Muwasi, Gaza Strip, Tuesday, Sept. 10, 2024. (AP)
The United Nations Conference on Trade and Development (UNCTAD) issued a report on Thursday detailing the catastrophic economic impact of "Israel's" ongoing aggressions on Gaza and the West Bank.
The report reveals that Gaza's economy has shrunk to less than one-sixth of its 2022 level, while the West Bank is facing a rapid and alarming decline.
Since the war began in October 7, the resulting genocidal campaign has caused widespread destruction in Gaza, killing over 41,000 people, according to Gaza's health ministry.
Alongside the staggering human toll, UNCTAD's report describes a crippling blow to Gaza's economy.
By early 2024, up to 96 percent of Gaza's agricultural assets, including farms and irrigation systems, had been destroyed, severely diminishing food production and worsening food insecurity in the territory.
Additionally, 82 percent of businesses in Gaza have been either damaged or destroyed, causing a massive economic collapse.
Read more: Difficult night in Jabalia, Gaza City as 'Israel' continues genocide
The report states that Gaza's GDP plummeted by 81 percent in the last quarter of 2023, leading to a 22-percent contraction for the entire year.
By mid-2024, the region's economy had contracted to less than one-sixth of its size from 2022.
.@UNCTAD today released a report detailing the economic situation in the Occupied Palestinian Territory, driven by the ongoing conflict in Gaza.
— UN Trade and Development (@UNCTAD) September 12, 2024
It highlights the economic devastation and an unprecedented drop in economic activity.
Full report: https://t.co/RHxioCmX40 pic.twitter.com/c9xYvraCKV
Meanwhile, the West Bank is also experiencing significant economic challenges due to increased violence.
The report highlights that since October 7, Israeli troops and settlers have killed over 662 Palestinians in the West Bank, while 23 Israelis have been killed by Palestinian attacks during the same period.
This violence, along with settlement expansion, land confiscations, and the demolition of Palestinian structures, has led to a severe decline in economic activities.
Read more: UN: Gaza destruction 'unprecedented' since WWII
Businesses in ouccpied al-Quds have been particularly affected, with 80 percent either partially or completely ceasing operations.
The West Bank economy initially saw a 4-percent GDP growth in the first three quarters of 2023, but this progress was reversed after October, with a 19-percent contraction in the final quarter.
The UNCTAD report also raises concerns about the fiscal stability of the Palestinian government, exacerbated by "Israel" withholding more than $1.4 billion in Palestinian tax revenues over the past five years.
With unemployment surging, reaching 79 percent in Gaza and 32 percent in the West Bank, the report warns that poverty is now widespread across both territories and continues to rise rapidly.
