Quoted by the national press, the Palestinian minister of the sector, Muhammad Al-Amour, explained that production in the Gaza Strip is totally paralyzed and semi-paralyzed in the West Bank.
“The Palestinian economy faces a complex and unprecedented collapse as a result of the repercussions” of that country’s military offensive, he stressed.
Al-Amour warned that by the end of this year the Gross Domestic Product (GDP) will fall 10 percent.
The economic life cycle was disrupted by decreased cash flow due to Israeli hacking of tax dues and the loss of almost half a million jobs since October 2023, he detailed.
A few days ago, the Palestinian Minister of Labor, Enas Attari, warned about the serious crisis suffered by the population in the territories occupied by the war and the blockade imposed by Israel in recent months.
Speaking at the 121st session of the International Labor Conference (ILO) in Geneva, the official stated that unemployment and poverty rates are greater than 50 percent.
Days earlier, the ILO and the Palestinian Central Bureau of Statistics revealed in a joint report that the unemployment rate in the Gaza Strip reached 79.1 percent and in the West Bank 32 percent.
In addition, he added that real GDP contracted 83.5 percent in the first territory and 22.7 in the second.
In February, the United Nations Conference on Trade and Development highlighted that the coastal enclave will need billions of dollars and take decades to reverse the unprecedented destruction of its economy and infrastructure.
The agency noted in a report, which quantifies the loss of GDP, the recovery times and the lasting effects on poverty in Gaza due to Israeli aggression.
The institution highlighted that even with the most optimistic scenario of 10 percent annual growth, only in 2035 would the economic levels of 2006 be reached, when Israel imposed a blockade on that area after the Islamic Resistance Movement came to power there ( Hamas).
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