ILO: Gaza war has devastating economic consequences
Published: Thursday, Oct 17th 2024, 10:30
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The devastating economic consequences of the Israeli war against the Islamist terrorist militia Hamas in the Gaza Strip are likely to have consequences for generations to come, according to a UN analysis. The International Labor Organization (ILO) in Geneva reported that unemployment in the Gaza Strip is almost 80 percent after a year of war and almost 35 percent in the Israeli-occupied West Bank.
In both regions combined, the real gross domestic product - i.e. the amount of goods and services produced or sold - fell by a good 32 percent. According to the ILO, the situation has never been so desolate. In the Gaza Strip, practically 100 percent of residents are now living below the poverty line, while in the West Bank the figure is 28 percent - down from 12 percent in 2023.
ILO: Economic activity has practically come to a standstill In the Gaza Strip, economic activity has practically come to a standstill due to the widespread destruction of buildings and infrastructure and the constant displacement of employees and employers. In the West Bank, Israeli blockades and disruptions to supply chains have hit the economy.
"The impact of the war in Gaza goes far beyond the loss of life, the desperate humanitarian situation and the physical destruction," emphasized ILO Regional Director for the Arab States, Ruba Jaradat. "The effects will be felt for generations to come."
©Keystone/SDA
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