UN Report: Gaza Economy Faces Unprecedented Historic Crisis
Translated & summarized from Mignews by baba
A UNCTAD report reveals the Gaza Strip's economy is in its worst-ever crisis, with 92% of facilities destroyed, over 90% unemployment, and a 274% price increase since 2022.
The story in 6 lines · by baba
- Gaza's economy faces its worst-ever crisis, per UNCTAD.
- 92% of Gaza's economic facilities are damaged or destroyed.
- Over 90% of Gaza's workforce is unemployed.
- Daily GDP per capita in Gaza is only $0.58.
- Prices have risen 274% since 2022.
- Industrial and agricultural output fell by 94%.
The economy of the Gaza Strip is experiencing one of the most severe crises globally, with 92% of economic facilities damaged or destroyed and over 90% of the working population unemployed, according to a new report by the UN Conference on Trade and Development (UNCTAD).
Pedro Manuel Moreno, acting secretary-general of UNCTAD, described the situation as "the most serious economic crisis in the world's history," stating that the destruction has reversed decades of development. The report indicates that daily GDP per capita in Gaza is a mere $0.58, and prices have surged by 274% since 2022.
Industrial production and agriculture have plummeted by 94%, with only 1.5% of arable land remaining accessible. The conflict has resulted in the loss of hundreds of thousands of jobs, rendering the population almost entirely dependent on humanitarian food aid.
The UNCTAD report also highlights significant financial difficulties for the Palestinian Authority, with experts warning of a potential banking crisis and severe political, social, and humanitarian repercussions.
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