Gaza Strip suffers harsh economic collapse: UN

Friday, September 5, 2014

The United Nations Conference on Trade and Development (UNCTAD) reported harsh economic collapse in the Gaza Strip on Wednesday, calling for its reconstruction. In a statement to the press, the organizations said that the data included in the report doesn't take into consideration the outcomes of the recent conflict with Israel.

According to the Conference's annual report, the economic growth in Gaza has dwindled from 11% between 2010-2012 to only 1.5% in the past year, and the cost of rebuilding it is estimated at about 1.8 billion dollars. The UNCTAD warns of disastrous outcomes if the situation isn't addressed immediately.

Beyond foreign support, the organization recommends taking steps that would allow the Gazan economy to stabilize and eventually stand on its own and decrease its dependence on foreign economies.

"The situation in reality is graver than what is mentioned in the report, as it was prepared before the latest Israeli offensive operation on Gaza strip," said Economic Affairs officer in the Assistance to the Palestinian People Unit in UNCTAD Mutasim Elagraa.

Furthermore, UNCTAD's coordinator for the Palestinian Territories, Mahmoud Elkhafif, told reporters that now, following the damages caused by the conflict, rebuilding Gaza would require more than 4 billion dollars.