State of Palestine

A total of 306,000 jobs have been lost, pushing the West Bank’s unemployment rate from 12.9% before the current Gaza conflict to 32%.

The staggering scale of economic devastation and unprecedented decline in economic activity far surpasses the impact of all previous military confrontations.

The report quantifies GDP loss, recovery timelines and the enduring effects on poverty and household expenditure, painting a daunting picture of the development challenges ahead.

Opening the Trade and Development Board, Secretary-General Rebeca Grynspan highlighted pressing challenges facing the global economy and unveiled a new initiative for small island nations.

It emphasizes the urgent need to remove the restrictions to help provide the economic base necessary to reverse the current trend of socioeconomic deterioration in the region.

Inflation, a shrinking fiscal space, a decline in foreign aid and the build-up of debt has kept the economy of the Occupied Palestinian Territory below its 2019 pre-pandemic level.

Ending the occupation of Area C of the West Bank and East Jerusalem is critical for the sustainable development of the Occupied Palestinian Territory because it will enable the Palestinian people to grow their economy severalfold.

UNCTAD urges the international community to extend sufficient and predictable financial support to the Palestinian people to alleviate suffering and prevent a deep socioeconomic crisis from worsening.

The West Bank has suffered two decades of arrested development and poverty.

New UNCTAD simulations show the coronavirus pandemic will have a significant impact on the already shattered Palestinian economy.