Israel’s war on Gaza, curbs drive Palestinian economy to record collapse
Summary
The economy of the Palestinian territories has suffered one of the worst collapses globally due to Israeli military actions in Gaza and ongoing restrictions. A United Nations report highlights the severe economic impact, noting significant damage to infrastructure and decades of socioeconomic progress being wiped out. The report calls for international aid and a durable ceasefire to help recovery efforts.Key Facts
- The Palestinian economy is in its most severe collapse, according to a United Nations report.
- Israeli military actions and restrictions on trade and movement are main contributors to this downturn.
- The report ranks the collapse among the 10 worst globally since 1960.
- Gaza has seen an 83% drop in its GDP in 2024 compared to the previous year.
- Nearly 174,500 structures in Gaza have been damaged due to Israeli attacks.
- The occupied West Bank is also experiencing its worst economic downturn on record.
- Israel is withholding $4 billion in tax revenues from the Palestinian Authority.
- UNCTAD estimates that rebuilding Gaza will cost over $70 billion.
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