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Gaza Strip on the ground: GDP collapses by 86 percent - poverty explodes!
The article highlights the catastrophic economic situation in the Gaza Strip after more than a year of war and analyzes the causes and consequences of the economic collapse.
Gaza Strip on the ground: GDP collapses by 86 percent - poverty explodes!
The economic situation in the Gaza Strip has deteriorated dramatically in recent years, and recent conflicts have brought the region to the brink of economic ruin. According to a report by the UN Organization for World Trade and Development (UNCTAD) and the World Bank, the gross domestic product (GDP) in the Gaza Strip collapsed by an alarming 86 percent at the beginning of 2024. These frightening figures are the result of a protracted conflict that has destroyed not only the political stability but also the economic foundations of the region the time reported.
Even before the war, the situation in the Gaza Strip was catastrophic. Real per capita income fell from $2,328 in 1994 to just $1,257 in 2022. These figures show that Gaza's population lives in extreme conditions, with two-thirds of people living in poverty and 80 percent dependent on international aid. Unemployment rose to a staggering 45 percent, one of the highest rates in the world.
The devastating effects of war
The situation worsened further with the outbreak of war in October 2023, when more than 1,200 people were killed and numerous hostages were taken. The destruction is enormous: over 40,000 people have been killed and more than 92,000 injured, while what was once the economic infrastructure lies in ruins. UNCTAD estimates that per capita income could fall to a shocking $225 a year by the end of the year, just 18 percent of the already low 2022 level.
The destruction has affected all sectors: the construction sector recorded a decline of 96 percent, agriculture by 93 percent and industry by 92 percent. Even the service sector, which is considered more stable in many other crisis regions, shrank by 76 percent. These figures make it clear that the economic base of the Gaza Strip has come to an almost complete standstill.
Acute food insecurity and poverty
The humanitarian crisis has also worsened dramatically. Currently, 96 percent of the population suffers from acute food insecurity, with 22 percent having already reached the most severe level. In northern Gaza, the daily calorie intake in April 2024 was an alarming 245 calories per person - the nutritional value of a can of beans. These appalling conditions make it clear that the people of Gaza are fighting not only for their economic existence, but also for their survival.
The situation in Gaza is not only a local tragedy, but also has far-reaching geopolitical implications. The conflict and the resulting humanitarian crisis require urgent international attention and support. The reports from the World Bank and UN agencies show that without immediate action, the region could remain in a state of distress and economic ruin for many years to come MSN determines.
The economic and humanitarian challenges in the Gaza Strip are enormous. The international community is faced with the urgent task of finding solutions to help the people of this region and enable sustainable development. Otherwise, it could take generations before the economic situation in the Gaza Strip recovers and the people there can lead a life of dignity again.