By Emma Farge
A recent report by the United Nations Conference on Trade and Development (UNCTAD) has revealed the dire state of Gaza's economy, which has shrunk to less than a sixth of its size since the start of the Israel-Hamas war nearly a year ago. The report also highlights a significant increase in unemployment in the occupied West Bank, painting a bleak picture of the economic challenges faced by Palestinians in the region.
Gaza's economy is described as "in ruins" more than 11 months after Israel launched a military campaign in response to attacks by Hamas militants. The UNCTAD report emphasizes the devastating impact of the conflict, as well as falling international aid and revenue deductions by Israel, which have further strained the Palestinian Authority's ability to function.
The Palestinian Authority, which governs the West Bank under Israeli occupation, is under immense pressure, with job losses totaling more than 300,000 and the unemployment rate skyrocketing to 32%. The report attributes this economic decline to the ongoing unrest and Israeli trade restrictions, such as checkpoints, in the region.
UNCTAD has called for urgent intervention by the international community to address the economic crisis, humanitarian needs, and pave the way for lasting peace and development. A comprehensive recovery plan is deemed necessary to mitigate the impact of the war on the region's economy and livelihoods.
Analysis:
The Israel-Hamas war has had devastating consequences on Gaza's economy and led to a surge in unemployment in the West Bank. The UNCTAD report highlights the urgent need for international support to address the economic freefall and humanitarian crisis in the region. The ongoing conflict poses significant challenges to the Palestinian Authority's ability to function and calls for a comprehensive recovery plan to restore stability and promote development. The impact of the war on job losses and economic decline underscores the importance of immediate intervention to alleviate the suffering of Palestinians and lay the groundwork for lasting peace.