A United Nations agency is predicting that economic recovery in Gaza will take decades after suffering “an unprecedented scale of death and destruction.” The United Nations Conference on Trade and Development (UNCTAD) released a preliminary assessment last month on the economic impact the Israel-Hamas war has had on Gaza. Overall, it found that Gaza’s economy, measured by real gross domestic product (GDP), plummeted by 24 percent in 2023. By the end of last year, the report found that 79 percent of Gaza’s labor force was unemployed as the territory continued to be bombarded by Israeli retaliatory attacks following the Oct. 7, 2023 Hamas attacks that left about 1,200 people dead.
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