Economic Monitor - 77 - Another Chapter in a History of Catastrophes:

author: Palestine Economic Policy Research Institute - MAS
year: 2024

Yet tragedies and misfortunes for the occupied Palestinian territory defined the political, economic and social landscape by the end of 2023, the human economic and financial destruction in the Gaza Strip has gone beyond counting; the noose tightening over the West Bank  shackles the economic activity, deepens structural imbalances and causes more loss of income. Whereas the economy of occupied East  Jerusalem suffers systematic repression, exclusion and denial of rights, deepening dependency on the Israeli economy. 

Issue 76 of the Economic Monitor was prepared amidst the Israeli war continuing unabated against the occupied Palestinian territories. So, it was not easy to apply the usual criteria or quarterly economic performance to a scenario that is difficult to analyze through standard economic instruments and mechanisms. How can observers measure and analyze an economy that has been exposed to what experts describe through new concepts that are suitable to comprehend the meaning of destruction on various scales: genocide, domicide, spatiocide, sociocide, scholasticide; now we face the threat of econocide.

The first section of the Monitor tracks economic developments in Q4 2023 and 2023 as a whole. Quarterly data indicate a sharp decline in economic growth, accompanied by an increase in unemployment and inflation rates. Meanwhile, annual developments highlight the already wide gap between the West Bank and the Gaza Strip in their contributions to the Palestinian economy, along with imbalances in various
economic, financial, and social indicators.

We indicated in the previous monitor issued after the outbreak of the war that the section “Economic Updates” would be temporarily  suspended, given the negative repercussions of the war. Instead, it has been replaced in this issue by “Economic and Social Reports”, a section summarizing the key economic and social reports issued by various international entities, covering reports issued between November 2023 and April 2024. The aim of this section is to go beyond the traditional narrative of macroeconomic indicators and provide
preliminary and comprehensive estimates of the human, economic, and social losses in the Palestinian economy in general, and the Gaza Strip in particular since the last quarter of 2023. Additionally, it offers a preliminary outlook on expected changes in key economic and social indicators for 2024.

On behalf of the partners, we extend our sincere appreciation to the joint research team for their scientific contributions and their meticulous follow-up of the Palestinian economy and its most recent developments. 

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Economic Monitor - 77 - Another Chapter in a History of Catastrophes: