Gaza's Economic Destruction: A Year of Unprecedented Devastation

Unemployment in Gaza has surged to nearly 80% since the Israel-Hamas conflict began, devastating the economy. The International Labour Organization highlights an 85% drop in Gaza's economic output, while the West Bank's economy has contracted by 21.7%. The crisis has severely impacted both regions' labor markets and socio-economic landscapes.

Gaza's unemployment rate has skyrocketed to nearly 80% amid the Israel-Hamas conflict, according to a statement by the International Labour Organization (ILO) on Thursday. The enclave's economic output has declined by 85%, with almost its entire population of 2.3 million plunged into poverty.

The conflict has inflicted extensive damage on labor markets and the economy in both Gaza and the Occupied Palestinian Territory, claimed the ILO. In the West Bank, the unemployment rate has averaged 34.9% over the past year, whereas the economy contracted by 21.7% during the same period, the organization noted.

The socio-economic upheaval follows Israel's military response to an attack by Hamas-led gunmen on October 7. The ongoing conflict has resulted in significant casualties and infrastructure damage across Gaza, while exacerbating economic challenges due to restrictions on movement and trade in the West Bank.

(With inputs from agencies.)