UN Report: Gaza Economy Faces Unprecedented Historical Crisis
The Gaza Strip is experiencing one of the world's most severe economic crises, 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 of the economy has erased decades of development. The report indicates that daily GDP per capita in Gaza is $0.58, and prices have increased by 274% since 2022.
Industrial production and agriculture have declined by 94%, with only 1.5% of arable land remaining accessible. The conflict has resulted in the loss of hundreds of thousands of jobs and has made the population almost entirely dependent on humanitarian food aid.
The report also highlights significant financial problems for the Palestinian Authority, with experts warning of a potential banking crisis and severe political, social, and humanitarian consequences.
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