The Gaza Strip is experiencing the most severe economic crisis on record worldwide, according to the United Nations Conference on Trade and Development (UNCTAD).
UNCTAD reported that 92% of economic establishments in Gaza have been damaged or destroyed since October 2023, resulting in the loss of hundreds of thousands of jobs.
More than 90% of the working-age population is currently without employment, while price levels have surged to 274% above their 2022 levels.
GDP per capita has also fallen to around 58 cents per person per day.
The destruction of productive sectors, including agriculture and industry, has further deepened Gaza’s dependence on humanitarian assistance, with less than 1.5% of its cropland remaining accessible and undamaged.
Meanwhile, the Palestinian government has increasingly turned to domestic borrowing from banks to finance its deficit amid mounting fiscal pressures, while the UN estimates that $71.5 billion will be needed for Gaza’s recovery and reconstruction.
(Photo Courtesy: POC – Philippine Olympic Committee – Olympic.PH)
