The Gaza Strip economy has shrunk to less than a sixth of the size it was when the war between Israel and Hamas began nearly a year ago. At the same time, unemployment in the occupied West Bank has nearly tripled, a UN report said on Thursday. The report underscores the challenges of reconstruction.
The report by the United Nations Conference on Trade and Development (UNCTAD) describes Gaza’s economy as “in ruins,” more than 11 months after Israel launched a military campaign there that has left much of the territory in ruins in response to deadly October 7 attacks on southern Israel by Hamas militants.
The UN trade body said the Palestinian Authority (PA), which has limited self-rule in the West Bank under Israeli occupation, is under “tremendous pressure” that threatens its ability to function.
