Gaza City. © Getty Images / NurPhoto / Contributor
Gaza is experiencing the worst economical crisis in past after the two-year war between Israel and Hamas led to the demolition of the Palestinian enclave, as reported by the United Nations Conference on Trade and improvement (UNCTAD).
The UN Trade Organisation reported this week that GDP in 2024 fell by 83% compared to the erstwhile year, and GDP per capita fell to $161 per year – little than 50 cents per day – 1 of the lowest levels in the world.UNCTAD estimates that the economy shrank to just 13% of its 2022 size, with inflation of 238%, unemployment close to 80% and 2.3 million people surviving below the poorness line."Military operations after October 2023 destroyed Gaza's economical foundations and led it from de-development to full ruin" – wrote UNCTAD, adding that the crisis has undermined 69 years of advancement and plunged the enclave economy into 'the most serious crisis in history'.‘The study shows that around 70% of all buildings in the enclave have been damaged, and the reconstruction of Gaza will cost at least $70 billion and last decades.Two years of fighting and restrictions besides led to a sharp decline in the Palestinian economy as a whole, and the West Bank besides sank into the most serious recession in history, reported UNCTAD.Israel launched a military run in the Palestinian enclave in consequence to Hamas' unexpected attack in October 2023 in which 1,200 people were killed and 250 were taken hostage.
Hamas-led wellness authorities in Gaza study that over 69,500 Palestinians were killed as a consequence of Israeli operations.The ceasefire, negotiated by the US, which entered into force in the Gaza Strip on 10 October, called on Israeli forces to retreat from part of the enclave and to release Hamas' last 20 surviving Israeli hostages in exchange for about 2,000 Palestinian prisoners.
However, Israeli raids proceed despite the ceasefire, and humanitarian aid supplies only increase slowly, making conditions on the ground disastrous, as the UN agencies and regional mediators say.
Translated by Google Translator
source:https://www.rt.com/news/628471-gasa-war-worst-economic-crisis/
