Gaza economy shrinks, West Bank unemployment triples: UN report

Gaza's economy has shrunk to less than a sixth of its pre-war size, while unemployment in the occupied West Bank has nearly tripled, according to a UN report published on Thursday. 

The report by the United Nations Conference on Trade and Development (UNCTAD) said the Palestinian Authority (PA) is under "immense pressure" in the West Bank, jeopardising its ability to function.

In addition to the economic slowdown caused by the war, the PA is also struggling with reduced international aid and tax revenues withheld by Israel, totalling more than $1.4bn since 2019, the report stated.

UNCTAD called for "immediate and substantial intervention by the international community to halt the economic freefall, address the humanitarian crisis and lay the groundwork for lasting peace and development".

Over 300,000 jobs have been lost in the West Bank since the war began, pushing the unemployment rate up from 12.9 percent to 32 percent, according to the report.