A UN report says Palestinian economy is in 'free fall' since the Israel-Hamas war erupted
World
A UN report says Palestinian economy is in ‘free fall’ since the Israel-Hamas war erupted
GENEVA — The Palestinian economy is “in free fall,” the United Nations reported on Thursday, with production in Gaza plunging to one-sixth of its level before Israeli forces began a blistering military response to the Oct. 7 attack on Israel.
The report from the U.N. Trade and Development also warned of “rapid and alarming economic decline” in the West Bank, citing expanded Israeli settlements, land confiscations, demolition of Palestinian buildings and violence by settlers as dampening economic prospects.
Economic output in Gaza plunged to just over $221 million in the half-year, including the last quarter of 2023 and first quarter of 2024 — the last quarter for which figures are available — or about 16% of the total figure for the same half-year period in 2022 and 2023, when the total was just over $1.34 billion, the agency said.
“The Palestinian economy is in free fall,” Pedro Manuel Moreno, the agency’s deputy secretary-general, told reporters and urged the international community to “address the humanitarian crisis and lay the groundwork for lasting peace and development.”
That would include a “comprehensive recovery plan” for Palestinian areas, more international aid, the lifting of Israel’s blockade on Gaza, as well as the release of revenue and withheld funds for Palestinians retained by Israel, he said.
