In its report on economic development in the Occupied Palestinian Territories for 2022, UNCTAD highlighted the dire economic conditions in Gaza, even before the Israeli strikes on the enclave
Gaza needs billions in international financial aid to offset years of restrictions that have stifled its economy and hurt its developmentaccording to a report published today by the United Nations Conference on Trade and Development (UNCTAD).
In the report on economic development in the Occupied Palestinian Territories for 2022, UNCTAD highlighted dire economic conditions in Gaza, even before Israeli strikes on the enclave in retaliation for the October 7 deadly attacks by Hamas gunmen in southern Israel.
“Donors and the international community need to provide significant financial assistance to repair the extensive damage Gaza has suffered from the prolonged restrictions and blockades and frequent military operations, which have stifled the economy and decimated the infrastructures”, according to the report.
“While donor assistance is important to support the people in Gaza, it should not be seen as a substitute for ending the restrictions and blockades and calling on Israel and all sides to assume their responsibilities under international law“, the report said.
Speaking to reporters in Geneva, Richard Kozul-Wright, director of the directorate for globalization and development strategies at UNCTAD, said it was difficult to assess exactly how much money Gaza would need until the current conflict ends.
“But it will be billions of dollars“, he stated.
It also has a significant drop in aid from 2008 to 2022, from $2 billion, or 27% of GDP, to $550 million, or less than 3% of GDPlast year.
Almost half of Gaza’s population are unemployed citizens, and more than half live in poverty, according to the report.
Although workers from Gaza have been allowed to access the labor market in Israel for the first time in recent years, the number of permits issued — about 1% of Gaza’s employed workers — is too small to compensate for poverty .
“Border closures and continued military attacks have set in motion a vicious cycle of economic and institutional collapse,” according to the report.
“The impact is not limited to the short term. The indirect and long-term effects will also be felt by future generations.”
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Source :Skai
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