The Entire Residence of Gaza Suffers Economic Hardship
After a year of conflict between Israel and the extreme Islamic Hamas group, the majority of Gaza Strip's inhabitants are living in impoverished conditions, as suggested by UN data. The staggering poverty rate of almost 100% reflects the dire situation of families struggling to cover their essential requirements, asserted the International Labour Organization (ILO) on Thursday.
The ILO further indicates that poverty in the Israeli-controlled West Bank has also doubled within the year. Approximately one-third of the population was considered poverty-stricken, according to ILO assessments made during the mid-year period. The ILO's director for Arab states, Rada Djaradat, commented that the consequences of the conflict would likely persist for future generations.
Almost all economic activities in the Gaza Strip have come to a standstill as a result of the conflict, according to the ILO. The decline in performance was the most severe observed to date. The Gaza Strip's GDP plummeted by 84.7% compared to the previous year, and in the West Bank, it dropped by 21.7%, the ILO reported. Unemployment and skyrocketing inflation, at a staggering 248% in August in Gaza Strip, are further contributing factors.
The conflict in Gaza Strip started with a significant Hamas-led assault on Israel, which resulted in the death of over 1,200 individuals and the capture of 251 hostages in various locations in southern Israel, as per Israeli sources. Since the Hamas attack in October 2023, Israel has been conducting large-scale military operations in Gaza Strip, leading to the reported deaths of over 42,400 individuals, according to figures provided by Hamas' health authority, though its accuracy cannot be independently confirmed.
The ongoing conflict in the Gaza Strip, as highlighted by Israeli sources, began with a Hamas-led assault. Due to this unrest, the economic situation in the Gaza Strip is dire, with nearly all economic activities at a standstill and an unprecedented unemployment rate and inflation, affecting the majority of its inhabitants living in the Gaza Strip.
