February 24, 2024 10:39 am

Israel leaving Gaza economy in ruins — RT Business News

Facebook
Twitter
LinkedIn
Pinterest
WhatsApp
Telegram

URGENT: JUST 11 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, TO ENSURE WE ARE FULLY FUNDED FOR NEXT MONTH,SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS - Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Israel’s conflict with the Palestinian militant group Hamas has completely destroyed Gaza’s economy, CNBC reported on Thursday, citing experts.

According to the report, the current escalation of the conflict, which started on October 7, has deprived the territory of its sole source of income – access to Israel’s labor market. Over the past month, approximately 182,000 Gazans have lost their jobs, representing 61% of its workforce, according to the International Labor Organization. With the enclave’s unemployment rate one of the highest in the world at over 40% even prior to last month, this has left nearly the entire Gazan population without work.

Gaza’s economy is 100% dependent on two sources of revenue: foreign aid and access to Israel’s labor market. The latter is now gone, probably forever. The only thing remaining is foreign aid,” Marko Papic, chief strategist at Clocktower Group, told CNBC.

According to the United Nations, before October 7, 80% of Gazans relied on international aid for their livelihood and were deemed food insecure. The ongoing escalation has already left nearly 15,000 Palestinians dead and some 1.5 million people displaced – the majority of Gaza’s population.

While Gaza’s economy was close to stagnant for the past 15 years, ever since Israel imposed an air, land and sea blockade on the enclave after Hamas gained power, “Gaza’s economy ceased to function… and will continue to be so indefinitely,” according to the Palestine Economic Policy Research Institute.

Experts warn that Palestine will only be able to revive the enclave’s economy with outside help.

Ultimately, some form of a deal to end the conflict will have to be put in place. But that deal is likely to have to see Gulf Arab monarchies and Saudi Arabia footing much of the bill for the viability of Gaza in the future,” Papic stated.

For more stories on economy & finance visit RT’s business section

You can share this story on social media:

Source link

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Original Source: Israel leaving Gaza economy in ruins — RT Business News

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Let’s not lose touch…Your Government and Big Tech are actively trying to censor the information reported by The ANR to serve their own needs. Subscribe now to make sure you receive the latest uncensored news in your inbox…

Australian National Review is Australia’s first real free and independent press, one with no editorial control by the elite, but a publication that can generate critical thinkers and critical debate and hold those spreading mistruths and deliberate propaganda in mainstream media to account.

News with a difference that will be educational, compelling and create a platform for political and social change in this country and address the real issues facing this country and the world.

Discover more from The ANR

Subscribe now to keep reading and get access to the full archive.

Watch Full Documentary

URGENT: JUST 3 DAYS REMAIN TO HELP SAVE INDEPENDENT MEDIA & ANR, SO LET'S CUT THE BS & GET TO THE POINT - WE WILL BE FORCED TO LAY OFF STAFF & REDUCE OPERATIONS UNLESS WE ARE FULLY FUNDED WITHIN THE NEXT 2 WEEKS

Sadly, less than 0.5% of readers currently donate or subscribe to us But YOU can easily change that. Imagine the impact we'd make if 3 in 10 readers supported us today. To start with we’d remove this annoying banner as we could fight for a full year...

Get access to TruthMed- how to save your family and friends that have been vaxx with vaccine detox, & how the Unvaxxed can prevent spike protein infection from the jabbed.

Free with ANR Subscription from $8