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Gaza’s GDP Plummeted 81% in the Last Quarter of 2023, Leaving Its Economy in Ruins

Sunday, September 15, 2024 5:04

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Human Wrongs Watch

12 September 2024 (UNCTAD)* — The staggering scale of economic devastation and unprecedented decline in economic activity far surpasses the impact of all previous military confrontations.

© UNRWA | A family carries their belongings as they walk across rubble and ruin in Gaza.

UN Trade and Development (UNCTAD) has released a comprehensive report detailing the profound economic destruction that has gripped the Occupied Palestinian Territory in the aftermath of the Israeli military operation in Gaza that followed the 7 October 2023 attacks by Hamas.The combined impact of the military operation in Gaza and its repercussions in the West Bank delivered an unparalleled shock that overwhelmed the Palestinian economy across the occupied Territory, including East Jerusalem.By early 2024, between 80% to 96% of Gaza’s agricultural assets – including irrigation systems, livestock farms, orchards, machinery, and storage facilities – had been decimated, crippling the region’s food production capacity and worsening already high levels of food insecurity.The destruction also hit the private sector hard, with 82% of businesses, a key driver of Gaza’s economy, damaged or destroyed. The damage to the productive base has continued to worsen as the military operation persists.Gaza’s Gross Domestic Product (GDP) plummeted by 81% in the last quarter of 2023, leading to a 22% contraction for the entire year. By mid-2024 Gaza’s economy had shrunk to less than one-sixth of its 2022 level.

Destruction extends to the West Bank and East Jerusalem

Meanwhile, the West Bank has been undergoing a rapid and alarming economic decline.The report highlights factors such as settlement expansion, land confiscations, demolition of Palestinian structures, and increased settler violence throughout 2023 -2024 to have displaced communities and severely impacted economic activities.These disruptions have affected various sectors across the West Bank, including East Jerusalem, where commerce, tourism and transportation have suffered a considerable downturn.As a result, 80% of businesses in the East Jerusalem Old City have either partially or completely ceased operations.The initial optimism of a 4% GDP growth in the West Bank during the first three quarters of 2023 was abruptly reversed by an unprecedented 19% contraction in the fourth quarter. This sharp downturn resulted in an overall annual GDP decline of 1.9%.Additionally, per capita GDP decreased by 4.5%, indicating a substantial drop in living standards and household incomes.

Immediate international intervention needed to stabilize the economy and support peace efforts

The performance of the Palestinian economy has been heavily influenced by external factors, particularly measures taken by Israel and, to a lesser extent, by fluctuations in aid flows.UNCTAD stresses that prolonged occupation remains the main obstacle to sustainable economic development. Persistent restrictions on investment, labor mobility and trade have systematically undermined economic potential, exacerbating poverty and instability.It calls for immediate and substantial intervention by the international community to halt the economic freefall, address the humanitarian crisis, and lay the groundwork for lasting peace and development.This includes considering a comprehensive recovery plan for the Occupied Palestinian Territory, increased international aid and support, release of withheld revenues and lifting the blockade on Gaza.

*SOURCE: UNCTAD. Go to ORIGINAL: https://unctad.org/news/gazas-gdp-plummeted-81-last-quarter-2023-leaving-its-economy-ruins 2024 Human Wrongs Watch

Source: https://human-wrongs-watch.net/2024/09/15/gazas-gdp-plummeted-81-in-the-last-quarter-of-2023-leaving-its-economy-in-ruins/

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