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Presidency strongly rejects and condemns any projects or plans aimed at displacing Palestinian people from Gaza | US Senator Bernie Sanders condemns Trump's Gaza remarks as a war crime and ethnic cleansing | EU voices concern over Israeli escalating violence in West Bank | From Caves to Conflict: Masafer Yatta Residents Face Rising Settler and Military Pressure | UN chief calls for immediate evacuation of 2,500 children from Gaza for medical treatment | Trade Unions Demand Independent Inquiry into Police Handling of Pro-Palestine Protest | EU Border Mission Redeploys to Rafah Crossing to Support Ceasefire Implementation | West Bank on the Brink: International Silence Amid Worsening Israeli Aggression, Al-Ahram Weekly Report Say | Palestinian youth killed, others injured by Israeli gunfire during raid on refugee camp north of Hebron | El-Sisi and Abdullah II stress importance of implementing ceasefire agreement, accelerating Gaza reconstruction | Over 160 NGOs and trade unions call on EU to ban trade with Israeli colonies | Palestinian UN Envoy Urges Respect for Gaza Residents' Right to Stay | Palestinian Striker Oday Dabbagh Joins Aberdeen FC on Loan" | Mass Displacement and Widespread Destruction as Israeli Raids Escalate in Nur Shams and Al-Far’a Camps | Rights Groups: Gaza Prisoners Held in Secret Camps, Subjected to Torture and Deprivation | Bethlehem Activists Launch Winter Aid Campaign for Displaced Palestinians in Northern West Bank | Israeli Journalists and Analysts: Netanyahu and Trump’s Decision-Making in Disarray | Palestinian Disability Coalition Launches Media Campaign Highlighting War Crimes Against Persons with Disabilities | Overcoming Hardship: West Bank Farmer Creates Jobs Through Strawberry Farming | PLO Official Urges UNRWA to Take Responsibility for Displaced Refugees in the West Bank |  
Presidency strongly rejects and condemns any projects or plans aimed at displacing Palestinian people from Gaza | US Senator Bernie Sanders condemns Trump's Gaza remarks as a war crime and ethnic cleansing | EU voices concern over Israeli escalating violence in West Bank | From Caves to Conflict: Masafer Yatta Residents Face Rising Settler and Military Pressure | UN chief calls for immediate evacuation of 2,500 children from Gaza for medical treatment | Trade Unions Demand Independent Inquiry into Police Handling of Pro-Palestine Protest | EU Border Mission Redeploys to Rafah Crossing to Support Ceasefire Implementation | West Bank on the Brink: International Silence Amid Worsening Israeli Aggression, Al-Ahram Weekly Report Say | Palestinian youth killed, others injured by Israeli gunfire during raid on refugee camp north of Hebron | El-Sisi and Abdullah II stress importance of implementing ceasefire agreement, accelerating Gaza reconstruction | Over 160 NGOs and trade unions call on EU to ban trade with Israeli colonies | Palestinian UN Envoy Urges Respect for Gaza Residents' Right to Stay | Palestinian Striker Oday Dabbagh Joins Aberdeen FC on Loan" | Mass Displacement and Widespread Destruction as Israeli Raids Escalate in Nur Shams and Al-Far’a Camps | Rights Groups: Gaza Prisoners Held in Secret Camps, Subjected to Torture and Deprivation | Bethlehem Activists Launch Winter Aid Campaign for Displaced Palestinians in Northern West Bank | Israeli Journalists and Analysts: Netanyahu and Trump’s Decision-Making in Disarray | Palestinian Disability Coalition Launches Media Campaign Highlighting War Crimes Against Persons with Disabilities | Overcoming Hardship: West Bank Farmer Creates Jobs Through Strawberry Farming | PLO Official Urges UNRWA to Take Responsibility for Displaced Refugees in the West Bank |  

One Year After Genocide: Gaza's Economy Faces Total Collapse

Posted On: 01-10-2024 | Economy
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Bethlehem/ PNN/ Manar Abudayah

12 months were enough for Israel to devastate the economy of Gaza, which had been suffering under a tight blockade for over 17 years, effectively returning Palestinians to square one and initiating a long journey of reconstruction, if the opportunity arises. Since October 7, 2023, Israel, with unwavering American support, has continued its genocidal actions in the territory, but the anticipated end of these atrocities will merely shift the focus for Palestinians to the ongoing battles of rebuilding their destroyed economy in other arenas.

Before the onset of Israeli genocide, Gaza's economy accounted for approximately 14% of Palestine's GDP, valued at $2.8 billion according to official government figures, with an unemployment rate near 40%. In June, the International Labour Organization reported that the unemployment rate in Gaza had surged to about 80%, raising the overall unemployment rate in the Palestinian territories to over 50%, compared to 23% on the eve of October 7, 2023. The UN agency's fourth assessment of the impact of Israeli genocide on employment indicated that the unemployment rate reached 79.1% in Gaza and around 32% in the occupied West Bank, bringing the overall rate to 50.8%.


 

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