Gaza economic recovery could take decades: UN report

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United Nations

The UN report discusses the long-term effects of the recent conflict on Gaza’s economy, including the decline in Gross Domestic Product (GDP), poverty levels, and household expenditure. Despite the already dire economic situation in Gaza, the report emphasizes the need for immediate action to end the military confrontation and begin reconstruction in order for the region to have a chance at a viable economy. The report also highlights the ongoing blockade since 2007 and the impact it has had on Gaza’s growth rate, estimating a 4.5% contraction in the first three quarters of 2023. Even in the most optimistic scenario, it would still take decades to restore the GDP levels of 2022. The report also notes the dire living conditions in Gaza, with the majority of the population relying on aid and lacking access to basic necessities such as clean water and electricity. In order to break the cycle of destruction and partial reconstruction, the report suggests strategies such as restoring the Gaza International Airport and building a seaport. It also emphasizes the importance of immediate support from the international community and the need for a resolution to the ongoing conflict in order for Gaza to have a chance at economic recovery.

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