UN reports Gaza is witnessing worst economic collapse
The report highlights that Gaza’s GDP in 2024 fell by 83% compared with the previous year, while GDP per capita dropped to just $161 for the year—less than 50 cents a day—placing it among the lowest economic levels globally. UNCTAD estimates that the economy has shrunk to just 13% of its 2022 size, with inflation reaching 238%, unemployment nearing 80%, and all 2.3 million residents living below the poverty line.
“The post-October 2023 military operations have destroyed the economic foundations of Gaza and propelled it from de-development to utter ruin,” the report states, noting that the crisis has erased nearly seven decades of economic progress. It further estimates that around 70% of structures in Gaza have been damaged, with reconstruction projected to cost at least $70 billion and require decades to complete.
The fighting and ongoing restrictions have also caused a sharp downturn in the wider Palestinian economy, with the West Bank experiencing its most severe contraction on record, UNCTAD said.
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