"They said that in the starved and besieged enclave, most commercial, agricultural and industrial assets have been damaged or destroyed, while unemployment has surged to over 80 percent, gross domestic product (GDP) has dramatically shrunk, and trade has stalled. Poverty is endemic. Famine has been declared, wrote the experts, in reference to the UN-backed Integrated Food Security Phase Classification (IPC) report last month that officially declared famine in parts of Gaza."
"there is a liquidity crisis in Gaza as most banks and ATMs have been destroyed, Israel has blocked the inflow of new currency, and wages are paling in comparison to stratospheric inflation caused by a total siege. After the war, cooking oil prices rose by 1,200 percent and flour by 5,000 percent by mid-2025, they said, adding that humanitarian workers are reportedly losing nearly 40 percent of their salaries just to access their wages, and digital payments are impeded by electricity and telecommunications outages."
"The four experts noted that the occupied West Bank is also under increasing financial strain as Israel has arbitrarily diverted or withheld tax revenues owed to the Palestinian Authority in violation of the Oslo Accords. Israel's far-right Finance Minister Bezalel Smotrich wants to cancel annual waivers that allow Israeli banks to process transactions with Palestinian banks, something the experts said would"
Economic life in Gaza has been decimated by physical destruction, blockade, siege and repeated forced displacement. Most commercial, agricultural and industrial assets have been damaged or destroyed, unemployment has surged to over 80 percent, GDP has dramatically shrunk, and trade has stalled. Poverty is endemic and parts of Gaza have been officially declared to be in famine. Gaza faces a liquidity crisis as most banks and ATMs were destroyed, new currency inflows are blocked, and wages cannot keep pace with stratospheric inflation. Cooking oil prices rose 1,200 percent and flour 5,000 percent by mid-2025. Humanitarian workers reportedly lose nearly 40 percent of salaries to access wages, while electricity and telecommunications outages impede digital payments. The occupied West Bank is under increasing financial strain due to diverted or withheld tax revenues and proposed cancellation of waivers allowing Israeli banks to process Palestinian transactions.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]