A new United Nations report reveals the staggering impact of the ongoing conflict in Gaza, effectively wiping out 69 years of human development. Francesca Albanese, the UN Special Rapporteur for Human Rights in Palestine, highlighted the report’s findings, pointing to the destruction of vital systems including healthcare, education, infrastructure, and even the banking sector.
Albanese stated that the situation represents the most severe economic collapse ever recorded. She went further, characterizing the events not as warfare, but as a form of genocide. Her statement came alongside the release of a summary of the UN report.
The report, issued by the United Nations Conference on Trade and Development (UNCTAD), details the cascading crises unleashed in Palestine since October 2023. These crises encompass economic, humanitarian, environmental, and social dimensions, pushing the occupied Palestinian territories from a state of underdevelopment toward complete devastation.
The UNCTAD report indicates a dramatic 87% contraction of Gaza’s economy across 2023 and 2024. Consequently, per capita GDP has plummeted to a mere $161, placing it among the lowest rates globally. The report emphasizes the destruction of fundamental necessities – food, shelter, and healthcare – pushing Gaza to the brink of total collapse.
The resulting economic crisis ranks among the ten most severe global economic crises since 1960. The report warns that recovery could take decades, with Gaza remaining heavily reliant on substantial international support. Reconstruction efforts are estimated to require upwards of $70 billion.
