The Palestinian territories occupied by Israel are gripped by unprecedented economic destruction, with 82% of all businesses and between 80% and 96% of all agricultural assets damaged or destroyed, the UN Trade and Development organization (UNCTAD) said in a report, APA reports.
The document notes "the staggering scale of economic devastation and unprecedented decline in economic activity far surpasses the impact of all previous military confrontations in 2008, 2012, 2014 and 2021."
"By early 2024, between 80% to 96% of Gaza's agricultural assets had been decimated, including irrigation systems, livestock farms, orchards, machinery and storage facilities. This has crippled the region's food production capacity and worsened already high levels of food insecurity," the organization said. "The destruction also hit the private sector hard, with 82% of businesses, a key driver of Gaza’s economy, damaged or destroyed."
Besides, Gaza's Gross Domestic Product (GDP) plummeted by 81% in the last quarter of 2023, leading to a 22% contraction for the entire year. By mid-2024 Gaza's economy "had shrunk to less than one-sixth of its 2022 level," UNCTAD said.
The West Bank "has been undergoing a rapid and alarming economic decline" as well, which affected trade, tourism and transport. Per capita GDP decreased by 4.5%, "indicating a substantial drop in living standards and household incomes," UNCTAD said. Labor market conditions in the West Bank have deteriorated significantly, with 96% of businesses reporting decreased activity and 42.1% reducing their workforce. A total of 306,000 jobs have been lost, pushing West Bank’s unemployment rates from 12.9% before the conflict to 32%.
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