Gaza’s economy shrinks by 82 percent in 2024 as Israeli assault leaves it in tatters

The Palestinian Central Bureau of Statistics has warned that Gaza’s economy has completely collapsed, while the West Bank faces a severe economic downturn in 2024 due to Israel’s relentless assault.

Ola Awad, the president of the organisation, told Wafa that Gaza’s GDP has contracted by a staggering 82 percent, a result of total economic paralysis and skyrocketing unemployment, which has now reached 80 percent.

Meanwhile, the West Bank’s economy has shrunk by over 19 percent, with unemployment soaring to 35 percent.