Gaza’s GDP plunged 80% and poverty grips virtually all Palestinians

Gaza’s GDP plunged 80% and poverty grips virtually all Palestinians

He BM, who announced a subsidy of 30 million dollars to maintain the education of children in the area, he noted that Gaza’s GDP “fell more than 80%” in the fourth quarter of 2023 regarding the third quartergoing from about 670 million dollars to just 90 million.

The body based in Washington noted in a statement that cited preliminary estimates from the Palestinian Central Bureau of Statistics, that in comparison with 2022, the drop in GDP in all of 2023 is 24%, according to the AFP news agency.

The World Bank described the situation in Gaza as “catastrophic”

The WB text added that “The observed level of damage and destruction is catastrophic” and “Almost all economic activity in Gaza is paralyzed.”

“Since the beginning of the conflict, The Palestinian economy suffered one of the biggest impacts in recorded history recent economic crisis,” the WB added and warned that “virtually all Gaza residents will live in poverty, at least in the short term.”

The war was triggered by the Hamas attack in southern Israel on October 7, which left about 1,160 deadmostly civilians.

Hamas also kidnapped 250 people, including twenty Argentines, 10 of whom have already been released. There are still 130 hostages in Gaza, although 30 may have died in captivity.

Israel’s offensive to “annihilate” Hamas, which rules the Palestinian territory, provoked at least 29,410 deadmostly civilians, according to the latest balance sheet from the Ministry of Health.

Source: Ambito

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