Palestinian Economy in Free Fall Amid Conflict, Urgent International Aid Needed: UN Report

The United Nations reports the Palestinian economy is in a severe decline, exacerbated by the recent conflict in Gaza. Economic output has plummeted, with large-scale job losses and significant damage to infrastructure. The UN calls for international aid and a comprehensive recovery plan to address the humanitarian crisis and restore economic stability.

The Palestinian economy is in free fall, the United Nations reported Thursday, as Gaza's production plunges to a fraction of its pre-conflict levels. According to the UN Trade and Development (UNCTAD) report, the economic downturn extends to the West Bank, citing increased Israeli settlements and land confiscations.

UNCTAD Deputy Secretary-General Pedro Manuel Moreno emphasized the need for the international community to intervene, address the humanitarian crisis, and lay the groundwork for sustainable development. Measures include lifting Israel's blockade on Gaza and releasing withheld funds.

Gaza's economy, already fragile with 50% unemployment before the conflict, has nearly ground to a halt. The situation is similarly dire in the West Bank, where revoked work permits and military actions have curtailed economic activity. Without immediate and substantial aid, prospects for recovery remain bleak.

(With inputs from agencies.)