The economic crisis in the occupied Palestinian territories, stemming from Israeli aggression since 2023, ranks among the ten worst crises the world has witnessed since 1960, according to the United Nations Conference on Trade and Development (UNCTAD). The organization described the situation in Gaza as standing apart and representing the most severe economic crisis ever recorded.

Worst economic recession in Palestine on record

According to UNCTAD’s report, long-term restrictions and ongoing Israeli attacks have pushed the Palestinian economy into its worst recession ever, erasing decades of developmental progress and exacerbating financial and social fragility.

In the report titled "Developments in the economy of the Occupied Palestinian Territory," UNCTAD found that two years of military operations and restrictions caused an unprecedented collapse of the Palestinian economy. This has occurred within a context of comprehensive economic and institutional fragility, resulting in serious social and environmental consequences.

Widespread damage to infrastructure, means of production, and public services has wiped out decades of social and economic progress in the occupied Palestinian territories. The resulting economic crisis ranks among the ten worst worldwide since 1960. The situation in Gaza stands apart because it represents the most severe economic crisis ever recorded, the report explained.

The collapse of revenues and the Israeli government’s withholding of financial transfers have severely limited the Palestinian government’s ability to maintain essential public services and invest in recovery. This comes at a critical time, as massive investment is needed to rebuild crumbling infrastructure and address escalating environmental, social, and economic crises.

Source:Websites