UN report: Gaza war and economic blockade erase 22 years of Palestinian development

Arabian Sea Newspaper - Agencies:

A report issued by the United Nations Conference on Trade and Development (UNCTAD) on Tuesday revealed that the devastating war in Gaza and the economic restrictions imposed on the Palestinian territories have led to an unprecedented economic collapse, wiping out decades of progress, according to Reuters. The report confirmed that per capita GDP in Palestine fell by the end of 2024 to the same level as in 2003, a loss equivalent to 22 years of development, noting that the Palestinian economic crisis is among the ten worst crises worldwide since 1960. The report indicated that the Gaza Strip is suffering massive destruction of infrastructure and public services as a result of the two-year war between Israel and Hamas, which will make the sector in need of intensive international support, with the possibility that recovery will extend for decades. The West Bank has not been spared the repercussions of the collapse, as it is witnessing the worst economic recession in its history due to restrictions on movement and a decline in economic activity in various sectors.