Palestinian Economic News


23 nov 2021

New Shocks to Gaza’s Devastated Economy The recent escalation of military confrontation between Israel and Hamas, the fourth of its kind since 2009, left over 270 Palestinians dead and more than 2,000 injured.1 In Israel, 12 casualties in total have been reported.2 Between 10-21 May, intensive Israeli airstrikes and shelling destroyed the homes and livelihoods of many Palestinians, causing long-lasting physical and psychological injuries and exacerbating the prolonged humanitarian crisis in the besieged coastal enclave where 65% of the population is living in poverty according to the World Bank Group.3 Over 113,000 people were internally displaced for the duration of the hostilities and around 8,500 people were still displaced with host families as at 3 June.4 Prospects for the recovery of Gaza’s economy, already devastated due to the Coronavirus Pandemic on top of a 16-year blockade imposed by Israel and Egypt, have now been set back yet again.

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