72.1 F
Friday, June 21, 2024

UN warns Gaza’s economy could take decades to recover

According to the UN’s recent assessment by the United Nations Conference on Trade and Development (UNCTAD), the economic situation in Gaza is worsening: it could take decades for Gaza’s economy to recover. Prolonged blockades, recurrent conflicts, and a fragile geopolitical landscape have together stifled the region’s economic potential and humanitarian conditions.

The Current Economic Landscape in Gaza

Gaza, a small enclave on the eastern coast of the Mediterranean Sea, has been under a blockade imposed by Israel and Egypt since 2007. The blockade, intended as a measure to prevent weapons from reaching the Hamas government, has severely restricted the movement of people and goods, leading to a crippling effect on the economy. The region’s infrastructure has been severely damaged due to repeated conflicts.

The UNCTAD report highlights several critical areas of concern. Unemployment rates in Gaza are among the highest in the world, particularly affecting the youth and women. The poverty rate has skyrocketed, with a significant portion of the population relying on international aid for basic necessities. The lack of access to clean water, electricity, and adequate healthcare also created a humanitarian crisis.

UNCTAD’s Findings and Projections

According to UNCTAD, Gaza’s economic situation is worsening. The blockade and repeated military conflicts have led to a de-development process, a deliberate, systematic effort to de-industrialize and weaken the economy. The report emphasizes that without significant policy changes and the lifting of the blockade, Gaza’s economy could remain in a state of perpetual decline, with recovery spanning decades.

The UN trade body has called for immediate and concerted efforts to reverse this trajectory. It emphasizes the need to rebuild and expand Gaza’s infrastructure, including its power supply, water sanitation facilities, and healthcare facilities, as prerequisites for sustainable economic development. Moreover, the report stresses the importance of reinvigorating Gaza’s agricultural and manufacturing sectors, which have been particularly hard hit.

Publisher and editor of LJLNews. I am a Stock Market enthusiast, with an interest for politics. I hope you enjoy reading the articles! Contact me at: Lazaruslucas@ljlnews.com

Related Articles


Please enter your comment!
Please enter your name here

Latest Articles