Israel's war and restrictions drive Palestinian economy to record collapse

"The economy of the occupied Palestinian territory is facing its most severe collapse on record, driven by the scale of Israel's genocidal war on Gaza and continued restrictions on movement and trade, according to a new United Nations report. Published on Monday, the report by the UN Conference on Trade and Development (UNCTAD) said two years of Israeli military operations and longstanding curbs have pushed the occupied territory into an economic downturn now ranked among the 10 worst collapses recorded globally since 1960."

"Israel's assault began on October 7, 2023, after an attack on southern Israel by fighters from Hamas and other Palestinian groups, during which an estimated 1,139 people were killed and about 240 were taken into Gaza as captives. In response, Israel unleashed a bombing campaign and tightened its longstanding blockade on Gaza, turning what had already been a 16-year siege into a total stranglehold."

"Its attacks have killed at least 69,733 people and wounded 170,863, with more than 300 killed since the start of the ceasefire last month. According to the UNCTAD report, the Palestinian gross domestic product (GDP) had regressed to its 2010 level by the end of last year, while GDP per capita returned to the level seen in 2003, erasing 22 years of development in less than two years."

The occupied Palestinian territory's economy is undergoing its most severe collapse on record, largely driven by Israel's war on Gaza and longstanding restrictions on movement and trade. Two years of Israeli military operations and curbs have produced an economic downturn ranked among the 10 worst global contractions since 1960. Extensive damage to infrastructure, productive assets and public services has reversed decades of socioeconomic progress across Gaza, the West Bank and East Jerusalem. Gaza faces the most severe economic crisis on record, with GDP plunging dramatically and Palestinian GDP per capita reverting to 2003 levels. The offensive and tightened blockade have caused massive casualties and humanitarian devastation.

Read at www.aljazeera.com