The World Bank has confirmed that the war of Israel had “catastrophic” consequences on the infrastructure in Gaza, leading to an over 80% contraction of the sector’s economy in the last quarter of the previous year.
In a statement, the bank noted that the ongoing conflict had caused extensive damage and destruction across the territory, as well as “severe loss of life.”
Israel’s operation resulted in the deaths of nearly 30,000 people, mostly women and children, according to the latest toll released by Hamas’s Health Ministry in Gaza.
The World Bank stated that “virtually all economic activities in Gaza came to a complete halt” in addition to the devastating human losses.
“Since the start of the conflict, the Palestinian economy has experienced one of the largest shocks recorded in modern economic history,” the World Bank emphasized.
Billions of dollars, but not for Gaza’s economy
The initial estimates from the Palestinian Central Bureau of Statistics indicated that the Gross Domestic Product (GDP) in Gaza “declined by over 80%” – from approximately $670 million in the third quarter to just $90 million in the fourth quarter.
The bank further explained that this quarterly decline of 80% translates to an annual decrease of 24%, adding that “the recorded level of damage to fixed assets and their destruction is catastrophic.”
It noted that “almost every person in Gaza will live in abject poverty at least in the foreseeable future.”
As the war persists, the World Bank announced a $30 million grant on Thursday “to help ensure the continuity of providing vital education to children.”
In a statement, it said, “This grant will be allocated to the education sector to ensure the continuity of basic education for students.”
source: lualuatv
