Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Lebanese Ministry of Health: One person was martyred in an Israeli drone strike on the outskirts of Nabatieh al-Fawqa
Al Mayadeen's correspondent: The death toll in the al-Bureij camp massacre has risen to 19
Nicolas Maduro: Maria Corina Machado and imperialism wanted to spread violence and chaos so there would be no elections.
Venezuelan President Nicolás Maduro: We were able to neutralize 60 attacks on oil refineries and oil facilities and arrest more than 70 individuals involved.
CNN citing sources: Talks between Washington and Tehran are close to reaching a comprehensive agreement that could be concluded during the next meeting.
US Secretary of State: Washington will begin revoking visas for Chinese students affiliated with the Communist Party or studying in sensitive fields.
Israeli media: Western diplomats: There is a possibility that the US administration will sign an interim agreement or understanding with Iran.
Hamas: We affirm that we are making great efforts to stop the barbaric war on the Gaza Strip.
Hamas: We reached an agreement with Witkoff that includes the flow of aid and a professional committee taking over the management of the Gaza Strip's affairs immediately after the deal is announced.
Hamas: The agreement with Witkoff includes the release of 10 Israeli prisoners and bodies in exchange for the release of a number of Palestinian prisoners.

UNCTAD report unveils devastating economic decline in Gaza, West Bank

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Sep 2024 11:30
4 Min Read

Gaza's economy has shrunk to less than a sixth of its pre-war size, a UN report says.

Listen
  • x
  • People inspect the destruction following an Israeli forces raid in Tulkarem, West Bank, Palestine, Sept. 11, 2024. (AP)
    People inspect the destruction following an Israeli forces raid in Tulkarem, West Bank, Palestine, September 11, 2024. (AP)

Since the start of the Israeli genocidal war on Palestine's Gaza Strip, the sector's economy has shrunk to less than one-sixth of its size. In parallel, the West Bank also faced "a rapid and alarming economic decline" since the beginning of "Israel's" expansion of its ethnic cleansing campaign across the occupied Palestinian territories where unemployment almost tripled.

These numbers were revealed by a United Nations Conference on Trade and Development (UNCTAD) report, which underscored the challenges of reconstruction and described Gaza's current economy as "in ruins".

"The Palestinian economy is in freefall," UNCTAD Deputy Secretary-General Pedro Manuel Moreno told reporters in Geneva, stressing that "the report calls for the international community to halt this economic freefall, address the humanitarian crisis, and lay the groundwork for lasting peace and development."

Moreno then emphasized the need for a comprehensive plan as the Palestinian Authority (PA) in the occupied West Bank remains under "immense pressure" that is jeopardizing its ability to function.

According to UNCTAD, more than 300,000 jobs have been lost in the West Bank since the war began, raising the unemployment rate from 12.9% to 32%.

The decline has been attributed to the Israeli aggression, which the UN says has resulted in the killing of more than 650 Palestinians with Israeli occupation fire since October 7. Additionally, since Operation Al-Aqsa Flood, the Israeli occupation has increased the number of checkpoints surrounding the occupied West Bank.

War on Gaza forces Israeli Finance Ministry to slash growth forecast

Related News

US distances itself from Gaza aid group under scrutiny

UK considers sanctions on Ben-Gvir, Smotrich over Gaza crisis

"Israel's" war on Gaza and the aggression on the West Bank have taken their on "Israel" as well.

Earlier this month, the Israeli Finance Ministry lowered its growth forecast for this year, highlighting the economic strain caused by the almost year-long war on Gaza.

According to new data on the Ministry's official website, the gross domestic product would expand by 1.1%, down from 1.9% previously. The estimate for 2025 has been reduced to 4.4% from 4.6%.

The latest prediction, based on "weaker-than-expected" statistics in the second quarter, suggests the occupation's economy would expand at its worst pace this year since about 2009, except for the Covid-19 epidemic in 2020.

The war on Gaza, in addition to the Israeli occupation's attempts at confronting the Lebanese Resistance Hezbollah in the north, has increased spending and Israeli economic imbalance. The Israeli economy has been severely harmed resulting in higher deficits, worse credit ratings, a damaged tourism sector, and continued public spending.

"Israel" was downgraded for the first time and local-currency bond rates have also increased sharply relative to US Treasuries, signaling investor concern.

Israeli authorities anticipate that the aggression would cost around $66 billion by the end of next year, accounting for more than 12% of GDP.

Fitch Ratings downgraded "Israel's" debt rating to A from A+ last month, stating that the war could extend into 2025 and the fiscal deficit might reach 7.8% of GDP this year, rising from 4.1% in 2023.

Last month, the Bank of Israel’s deputy governor, Andrew Abir, told Bloomberg that he doubted conditions would improve before the end of the year, expressing that “the surprise has been how long the war has been going on."

Read more: US approves $165mln in weapons sales to 'Israel': State Dept

  • Gaza Strip
  • Palestine
  • United Nations
  • West Bank
War on Gaza

War on Gaza

Most Read

US judges quietly consider private security amid Trump tensions

US judges quietly consider private security amid Trump pressures

  • US & Canada
  • 25 May 2025
Rep. Randy Fine, R-Palm Bay, answers a question about his House Bill 3-C: Independent Special Districts in the House of Representatives April 20, 2022, at the Capitol in Tallahassee, Florida (AP/Phil Sears)

GOP lawmaker says Gaza needs same end as WWII Japan, with nukes

  • MENA
  • 23 May 2025
President Donald Trump and Israeli Prime Minister Benjamin Netanyahu arrive to a news conference in the East Room of the White House, Tuesday, Feb. 4, 2025, in Washington (AP)

Rift widens: Trump, Netanyahu clash in heated phone call over Iran

  • Politics
  • 26 May 2025
Iran advisor reveals details of US-Iran nuclear talks to Al Mayadeen

Iran advisor reveals details of US-Iran nuclear talks: Al Mayadeen

  • MENA
  • 24 May 2025

Coverage

All
War on Gaza

Read Next

All
Israeli forces operate in a buffer zone in southern Lebanon as seen from northern occupied Palestine, Tuesday, February 18, 2025 (AP)
Politics

Israeli troops breach Lebanese territory, enter country's south

Chief of Iran's paramilitary Revolutionary Guard Gen. Hossein Salami speaks in a ceremony commemorating late Iranian President Ebrahim Raisi, the country's foreign minister and several other officials, in Tehran, Iran, Thursday, May 15, 2025 (AP)
Politics

IRGC commander warns Iran would 'open gates of hell' on 'Israel'

(Iran Foreign Ministry)
Politics

Iran denies reported enrichment freeze, reaffirms nuclear policy

President Donald Trump, right, listens as White House special envoy Steve Witkoff, left, speaks during a swearing in ceremony for interim U.S. Attorney General for the District of Columbia Jeanine Pirro, Wednesday, May 28, 2025 (AP)
Politics

Trump warns Netanyahu on Iran talks, pushes Gaza ceasefire plan

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS