UN says it will take 350 years for Gaza's 'totally devastated' economy to return to pre-war condition

October-23/2024 

All around is rubble. Some Palestinians are going through this. Ghazar Khan Younis

The Gaza economy has been "totally devastated" by more than a year of indiscriminate Israeli bombings and combat between Israeli forces and Hamas fighters, the Palestinian independence movement. In light of this, the UN has issued a warning, stating that it will take 350 years for the economy of the valley to reach its pre-war level.

A report on Gaza's economic losses in this conflict has been issued by UNCTAD, the United Nations Trade and Development Division. In this report, the World Organization issued that warning.

The assault on Gaza, which started on October 7 of last year when Hamas attacked Israel, has reportedly destroyed Gaza's infrastructure and economy, according to the UN.

Last month, the report was delivered to the UN General Assembly. It claimed that even before to the war, Gaza's economy was struggling. Fuel, electricity, and water shortages were severe, and access was severely restricted, resulting in little humanitarian food and health assistance.Apart from this, the economic activities of this valley have completely collapsed

                                               The report was presented to the UN General Assembly last     month. It said Gaza's economic activity was weak even before the start of the warThere  were acute shortages of fuel, electricity and water and minimal humanitarian health and food assistance was ongoing amid significantly restricted access. Apart from this, the economic activities of this valley have completely collapsed.

In the first quarter of this year (January-March), 96% of Gaza's building operations ceased, 93% of agricultural production plummeted, 92% of total production fell, and 76% of service sector production fell, according to the UN.Apart from this, the unemployment rate has reached 81.7 percent. The UN believes that the situation in Gaza continues or worsens as Israel's military operations continue.

 

According to the report, Israel's massive military operation has caused an unprecedented humanitarian, environmental and social disaster in Gaza. The economy of the valley has gone from a pre-development state to a state of complete collapse.

According to the UN, it will take 350 years for Gazans to return to their pre-2022 (pre-war) GDP, even assuming the region's economic development pattern restarts after a lasting ceasefire.