Israel Bombardment Causes 86% Decline in Gaza GDP: IMF
FIFA Postpones Decision on Palestinian Request to Suspend Israel
A year Israel’s bombardment of Palestine has severely impacted the economy of Gaza, according to the International Monetary Fund (IMF). The IMF reported a nearly 90% drop in Gaza’s Gross Domestic Product (GDP) in the first half of 2024 due to the ongoing bombardment.
IMF communications chief Julie Kozack stated, “Preliminary official estimates indicate an 86% decline in GDP in the first half of 2024 in Gaza.” She added that the situation for Palestine civilian population is dire, facing harsh socioeconomic conditions, a growing humanitarian crisis, and insufficient aid.
Meanwhile, the West Bank is also experiencing economic decline. Kozack reported a 25% drop in GDP in the first half of 2024. She emphasized that the economic outlook, which was already grim, has worsened further due to the ongoing conflict.
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