Gaza stands to experience the repercussions of conflict for future generations.
For over a year, Israel's bombings in the Gaza Strip have resulted in significant economic fallout, as per a UN assessment. The joblessness rate stands almost at 80%, and the poverty rate is close to reaching 100%. This staggering figure indicates the dire state of families struggling to fulfill their fundamental necessities, the UN body stated.
The ILO reported that the conflict between Israel and the Islamist militant group Hamas in the Gaza Strip has led to an almost 80% unemployment rate after a year, with a 35% unemployment rate in the Israeli-occupied West Bank. The economic strain is so severe that the poverty rate is nearly at 100%.
The overall GDP, indicating the total value of goods and services produced or sold, has decreased by more than 32%. According to the ILO, this is an all-time low. In the West Bank alone, roughly 28% of the population lives below the poverty line - a significant increase from the 12% poverty rate in 2023.
ILO: Economic activity at a standstill
In the Gaza Strip, economic activity has nearly come to a halt due to the extensive damage to buildings and infrastructure and the constant relocation of workers and business owners. On the other hand, in the West Bank, Israeli restrictions on supplies and disruptions to the supply chain slow down the economy.
Ruba Jaradat, the ILO's regional director for the Arab states, highlighted that the consequences of the conflict in the Gaza Strip extend beyond the loss of lives, the dire humanitarian situation, and the physical destruction. "The effects will be felt for generations to come," she stressed.
Israel's attacks on the Gaza Strip, targeting Hamas, have so far claimed at least 41,500 lives, many of whom were innocent civilians, according to Palestinian health authorities.
The Gaza Strip, following Israel's continued bombings, has seen a near-total halt in economic activity due to significant damage to infrastructure and displacement of workers and business owners. The ILO's report also mentions that the poverty rate in the Gaza Strip is approaching 100%, further exacerbating the dire living conditions for its residents.
