Palestinian Economy Hit by Deepest Collapse on Record, UN Warns After Gaza War

A new UNCTAD report warns the Palestinian economy has suffered its worst collapse on record after the two-year Israel–Hamas conflict and ongoing restrictions in the West Bank. The economy contracted 30% compared with 2022, wiping out decades of development and returning GDP per capita to 2003 levels. UN experts say recovery in Gaza could take decades, with per capita GDP now among the lowest in the world.

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Transcript

00:30What we see today is extremely worrying.

00:42The prolonged military operation combined with long-standing restrictions has pushed

00:48the economy of the occupied Palestinian territory into its deepest decline on record.

00:54Much of the infrastructure, productive assets and public services have been damaged or

01:04destroyed, wiping out decades of progress.

01:08The result is one of the deepest and worst economic crises seen anywhere in recent decades.

01:18Thank you very much, Mr. Moreno, for setting out the context.

01:22The situation in Gaza is especially severe.

01:26Gaza is going through the fastest and most damaging economic collapse ever recorded.

01:30In 2024, its GDP contracted by 83% compared with 2023, following another sharp drop the

01:44previous year.

01:46GDP per capita fell to just $161 or less than 50 cents per day, among the lowest in the world.

01:57GDP per capita.

02:17It will take many, many years for Gaza to be able to be reconstructed.

02:39Even if we pumped billions every year to the reconstruction of Gaza, GDP will pick up

02:45in a few years to the level it was in 2022.

02:49But it doesn't mean that Gaza will recover because it will take at least the 70 billion

02:54of reconstruction and recovery money.

02:57So it will take decades for Gaza to produce more than it used to produce prior to the conflict

03:03in order to recover fully.

03:06And that's of course if all conditions are in the right direction.

03:10I'mkryah.

03:15It qualityme tracking all the calculations

03:19Now i go to mentre пош blurry the market into Albaqentaride.

03:27Trinity Project

03:28My name is Albaqarah.

03:31My name is PalajiDI.

03:36Touroerme is my name.

03:39Settler violence reduces Palestinian productive activities for obvious reasons.

03:54Farmers are afraid to go to their land and to their fields, and also crops are destroyed

04:01or torched and animals are also affected.

04:05This definitely reduces GDP, reduces food security, but the impact cannot be measured

04:12separately.

04:13You cannot separate it from the impact of all other factors.

04:16It is very hard to separate it and put a number on just the impact of settler violence.

04:22But it is one of many factors that are definitely harming the Palestinian economy and aggravating

04:31the economic problems.

04:33He will provide a more detailed overview on economic impacts and of course, he will provide

04:48a more detailed overview on economic impacts.

Palestinian Economy Hit by Deepest Collapse on Record, UN Warns After Gaza War | APT

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