Palestine’s economy plummets: 28% GDP crash and 51% unemployment in 2024!
The Ministry of Economy in Ramallah reported a 28% GDP drop and a 51% unemployment rate in 2024. This sharp economic decline highlights the devastating impact of the ongoing Israeli-Palestinian conflict. Multiple factors, including Israel’s war on Gaza and tax fund deductions, have worsened Palestine’s economic situation.
Israel collects and transfers taxes for the Palestinian Authority monthly. However, military operations and restrictions have disrupted these transfers. Trade exchanges with the outside world also fell by 11%, further weakening the economy.
Economic activities in Gaza have nearly collapsed. The West Bank faces similar challenges, with businesses struggling to sustain operations. The ongoing Israeli offensive against Hamas has resulted in significant loss of life, with Gaza’s health authorities reporting 45,854 Palestinian deaths.
The conflict has not only caused immense human suffering but has also crippled economic stability in Palestine. Businesses, trade, and livelihoods continue to suffer, leaving millions in dire conditions.
The crisis requires immediate attention to prevent further deterioration. International efforts must focus on addressing both the humanitarian and economic challenges in the region.
