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
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

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

Gaza flattened for pay, not need: IOF reward operators for each ruin

UK-made F-35 parts linked to Gaza Al-Mawasi tent massacre one year ago

"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

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

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