Geneva: The Occupied Palestinian Territory has plunged into severe economic devastation following the recent Israeli military operation in Gaza, according to a UN Conference on Trade and Development (UNCTAD) report.
The report highlighted the scale of destruction, surpassing all previous military conflicts in the region. Gaza’s GDP fell by 81% in late 2023, leading to a 22% contraction for the year, with the economy shrinking to one-sixth of its 2022 level by mid-2024. Over 80% of Gaza’s agricultural assets were destroyed, crippling food production and leaving two-thirds of jobs lost.
The West Bank also suffered significantly, losing 306,000 jobs and seeing unemployment rise to 32%. UNCTAD urged for a recovery plan, international aid, and the lifting of Gaza’s blockade to prevent further collapse.
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