UN: Gaza could recover 2022 GDP by 2092

The U.N. agency said Gaza could recover its GDP by 2092 even after hostilities cease and return to its last growth rate of 0.4 percent.

Even after the cessation of hostilities, Gaza's GDP may only reach 2022 GDP by 2092 and return to its recent growth rate of 0.4 percent. It is mentioned in the report of the United Nations Conference on Trade and Development (UNCTAD).

" Gaza is experiencing an unprecedented level of devastation that will take decades and billions of dollars to rebuild ," the report said.

It is noted that Israel has conducted several military operations in the Gaza Strip from May 2008, 2012, 2014, 2021, 2022, 2023 and October 2023 until now. As a result of the operations, internal displacement of the population and infrastructure, residential buildings, fixed and productive funds, including agricultural facilities, land, crops, livestock farms, greenhouses, fruit trees, warehouses, boats, fishing equipment, agribusiness, irrigation canals, water pumping systems, electrical networks, internet networks, factories, administrative buildings, residential buildings, educational institutions and medical centers were destroyed.

According to UNCTAD, in 2023, Gaza's economy will shrink by 24 percent, down to 1994 levels. By the end of the third quarter of 2023, unemployment in Gaza reached 45.1 percent. According to the calculations of the International Labor Organization, compared to the pre-war level, 61 percent of jobs have been lost, which means 182,000 jobs. By December 2023, the unemployment rate has reached 79.3 percent.

Earlier , we wrote that the Israeli invaders destroyed 144,000 to 175,000 buildings in the entire Gaza Strip.