UN: Gaza suffering world’s worst economic crisis on record

The UN Conference on Trade and Development (UNCTAD) has reported that the Gaza Strip is facing the most severe economic crisis ever recorded in history. Pedro Manuel Moreno, acting secretary-general of the agency, stated that the conflict has wiped out decades of development and generated an acute crisis for the population. According to the report, 92 percent of Gaza's economic establishments have been damaged or destroyed. Daily per capita GDP has plummeted to $0.58, while prices have surged by 274 percent compared to 2022. Mutasim Elagraa, UNCTAD's coordinator for assistance to the Palestinians, noted that while two-thirds of Gazans were poor before October 2023, the entire population is now living in multidimensional poverty. Industrial and agricultural output has fallen by 94 percent, with only 1.5 percent of arable land accessible, forcing a total reliance on humanitarian aid. The report further warns of a potential banking collapse in the occupied West Bank, citing restricted access to natural resources and the heavy debt burden of the Palestinian government.