Unemployment rate soars to 80%, Gaza's economy collapses completely

(CLO) The unemployment rate in Gaza has skyrocketed to nearly 80% since the Israel-Hamas conflict broke out, causing the economy of this devastated land to almost completely collapse.

Economic output has fallen by 85 percent since the Israel-Hamas conflict broke out in Gaza a year ago, plunging nearly all of the 2.3 million people into poverty, the United Nations' International Labor Organization (ILO) said on October 17.

The ILO said the conflict had caused “unprecedented and widespread devastation to labour markets and the broader economy across the occupied Palestinian territory”, referring to Gaza and the West Bank.

Rubble and destroyed buildings in Khan Younis in the southern Gaza Strip. Photo: Reuters

In the West Bank, the average unemployment rate was 34.9% from October 2023 to the end of September 2024, while the country's economy contracted 21.7% over the previous 12 months, according to the ILO.

According to the ILO, before the crisis, unemployment in Gaza was 45.3% and in the West Bank it was 14%. Gazans either lost their jobs completely or had to find informal work “mainly focused on providing essential goods and services”.

The ILO said the crisis had spread to the West Bank and had a severe impact on the economy.

“The impact of the war in Gaza goes beyond the loss of life, the dire humanitarian conditions and the material devastation, and has fundamentally changed the socio-economic landscape of Gaza, while also having a serious impact on the economy and labour market of the West Bank. The impact will be felt for generations to come,” said ILO Arab States Director Ruba Jaradat.

Ngoc Anh (according to Reuters)

Source: https://www.congluan.vn/hau-het-nguoi-dan-khong-co-viec-lam-nen-kinh-te-gaza-gan-nhu-sup-do-hoan-toan-post317329.html