The United Nations Office at Geneva
Multimedia Newsroom
Press Conferences , Edited News | UNCTAD
UNCTAD Press Conference: Developments in the Economy of the OPT Report - 12 September 2024
Palestinian economy “in freefall” amid ongoing Gaza conflict - UNCTAD
Gaza’s economy has “collapsed months ago” while in the West Bank, violence and trade restrictions are fueling a massive surge in poverty and unemployment, UN Trade and Development (UNCTAD) warned on Thursday.
The war-torn enclave’s economy has shrunk to less than a sixth of its 2022 level, while up to 96 per cent of its agricultural assets and 82 per cent of all its businesses have been destroyed, according to UNCTAD’s latest report.
“The Palestinian economy is in freefall,” UNCTAD deputy chief Pedro Manuel Moreno told journalists in Geneva. “The report calls for the international community to halt this economic freefall, address the humanitarian crisis and lay the groundwork for lasting peace and development.”
Mr. Moreno insisted on the need for a “comprehensive recovery plan” for the occupied Palestinian territory, as well as increased international aid, the release of withheld Palestinian revenues withheld by Israel and an end to the blockade on Gaza.
According to UNCTAD, in addition to “unprecedented loss of life” and displacement, the combined impact of Israel’s military operation in Gaza that followed the attacks of 7 October 2023 by Palestinian armed groups in southern Israel, and the conflict’s repercussions in the West Bank “delivered an unparalleled shock that overwhelmed the Palestinian economy across the occupied Territory”.
The Palestinian agricultural sector shrunk by 11 per cent in the last quarter of 2023, which is “especially worrisome” given the sector’s importance in terms of jobs, exports and food security, said Mutasim Elagraa, coordinator of UNCTAD’s programme of assistance to the Palestinian people.
“The agricultural sector is a shock absorber - whenever there's a crisis and Palestinian workers lose their jobs, whether in the domestic economy or with their work in Israel and settlements, they go back to agriculture temporarily, and there they can produce some income,” he explained.
UNCTAD stressed that in the West Bank, settlement expansion and increased settler violence, land confiscations and demolition of Palestinian structures are driving population displacement and record unemployment, with over 300,000 jobs lost since the beginning of the conflict in Gaza.
“It's the highest unemployment recorded for the West Bank,” said UNCTAD economist Rami Alazzeh “Even in the peak of the second Intifada, the highest we've seen is 28 per cent. In the first quarter of 2024, unemployment reached 35 per cent” – almost triple what it was prior to October 2023.
In Gaza, the situation is even more “extreme” UNCTAD said, with two thirds of pre-war jobs lost by January 2024 and the entire population of the enclave dependent on international aid.
“What's left in Gaza is basically the humanitarian support… the humanitarian aid workers, local UN staff, doctors, nurses, that's it,” Mr. Alazzeh said. “The economy basically collapsed months ago.”
Asked about prospects for an economic recovery once the guns are silenced, UNCTAD’s Mr. Elagraa warned that “if we want to return Gaza to pre-October 2023, we need tens of billions of dollars, or even more, and decades.”
-Ends-
Story: UNCTAD Palestine Report – 12 September 2024
TRT: 03’36”
SOURCE: UNTV CH
LANGUAGE: ENGLISH / NATS
ASPECT RATIO: 16:9
DATELINE: 12 September 2024 - GENEVA, SWITZERLAND
SHOTLIST
- Wide shot of the press conference room with speakers on the podium.
- SOUNDBITE (English) Pedro Manuel Moreno, Deputy Secretary-General, UN Trade and Development (UNCTAD): “The Palestinian economy is in freefall. The report calls for the international community to halt this economic freefall, address the humanitarian crisis and lay the groundwork for lasting peace and development. This includes considering a comprehensive recovery plan for the occupied Palestinian territory, increased international aid and support, release of withheld revenues and lifting the blockade on Gaza.”
- Medium shot: Press room with journalists and control room at the back.
- SOUNDBITE (English) Mutasim Elagraa, Coordinator, UN Trade and Development (UNCTAD) Assistance to the Palestinian People: “The Palestinian agricultural sector in the last quarter of 2023 shrunk by 11 per cent, and that is especially worrisome because the agricultural sector provides a decent chunk of employment, and it produces income. It produces exports. It contributes to food security, and in Palestine it plays another special role. The agricultural sector is a shock absorber - whenever there's a crisis and Palestinian workers lose their jobs, whether in the domestic economy or with their work in Israel and settlements, they go back to agriculture temporarily, and there they can produce some income.”
- Close shot: Journalist in the Press room.
- SOUNDBITE (English) Rami Alazzeh, Economist, UN Trade and Development (UNCTAD): “Just to give you a comparison: in the peak of the second Intifada, in 2000 to 2002, the Palestinian economy lost 33 per cent of its value. And now we're seeing this drop over one year. Basically, it's the highest unemployment recorded for the West Bank. Even in the peak of the second Intifada, the highest we've seen is 28 per cent. In the first quarter of 2024, unemployment reached 35 per cent. So we're talking about almost triple what it was prior to October 2023.”
- Medium shot: Speakers at the podium in the Press room.
- SOUNDBITE (English) Mutasim Elagraa, Coordinator, UN Trade and Development (UNCTAD) Assistance to the Palestinian People: “The problem is general. It's in Gaza, in the West Bank and in East Jerusalem. It's not just Gaza. Although in Gaza, it is really extreme. It will take decades and high tens of billions of dollars, if not even more, to rebuild Gaza and put it back like where it was before October 2023. So if we want to return Gaza to pre-October 2023, we need tens of billions of dollars, or even more, and decades.”
- Medium shot: Speakers at the podium.
- SOUNDBITE (English) Rami Alazzeh, Economist, UN Trade and Development (UNCTAD): “What's left in Gaza is basically the humanitarian support. There's not much left in Gaza and when you say two thirds of the jobs were lost, already Gaza's unemployment before October 2023 was 45 per cent. So what's left in Gaza now is just the humanitarian aid workers, local UN staff, doctors, nurses. That's it. The economy basically collapsed months ago. So this is what's left in Gaza functioning now.”
- Medium shot: Journalist in the press room.
Similar Stories
1
1
2
Edited News | UN WOMEN
Sudan: Women’s bodies ‘a crime scene’ as tens of thousands flee El Fasher atrocities – UN Women
In war-torn Sudan, rape is being systematically used as a weapon and simply being a woman is “a strong predictor” of hunger, violence and death, the UN’s gender equality agency warned on Tuesday.
1
1
1
Press Conferences | UN WOMEN , UNHCR , WFP , UNICEF
Alessandra Vellucci, Director of the United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, which was attended by spokespersons and representatives from the UN Women, the United Nations High Commissioner for Refugees, the World Food Programme, the United Nations Children's Fund and the World Health Organization.
1
1
1
Press Conferences | UNEP
Major outcomes of the sixth meeting of the Conference of the Parties to the Minamata Convention
1
1
1
Edited News | OHCHR
The UN human rights office (OHCHR) on Friday called for an end to continuing expansion of Israeli settlements in the occupied West Bank, where “unchecked” settler violence has surged since the war in Gaza began more than two years ago.
1
1
1
Edited News | WFP
The crisis in eastern Democratic Republic of the Congo (DRC) continues to worsen amid ongoing fighting that has driven tens of thousands of people from their homes and created acute hunger, the UN World Food Programme (WFP) said on Friday.
1
1
1
Press Conferences | OHCHR , UNHCR , UNICEF , WFP , WHO
Alessandra Vellucci, Director, United Nations Information Service Geneva, chaired a hybrid press briefing, which was attended by spokespersons and representatives of the World Food Programme, the United Nations High Commissioner for Refugees, the Office of the High Commissioner for Human Rights, the United Nations Children’s Fund, and the World Health Organization.
1
1
1
Press Conferences | WMO , UNOG
2025 set to be second or third warmest year on record, continuing exceptionally high warming trend
The alarming streak of exceptional temperatures continued in 2025, which is set to be either the second or third warmest year on record, according to the State of the Global Climate Update from the World Meteorological Organization (WMO).
1
1
1
Press Conferences | UNECE
UNECE report: Forests of North America, Europe, the Caucasus and Central Asia
1
1
1
Edited News | WFP
Gaza: One million receive food parcels as humanitarians race to ‘push back hunger’
Food is slowly returning to the shelves in Gaza amid “apocalyptic scenes” but supplies are still desperately inadequate, UN humanitarians said on Tuesday, as they issued fresh calls for wider access and continued financial support.
1
1
1
Press Conferences | WMO , ITU , WFP , WHO , UNHCR , IFRC
Alessandra Vellucci, Director of the United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, which was attended by spokespersons and representatives from the International Telecommunication Union, the World Food Programme, the World Health Organization, the International Federation of Red Cross and Red Crescent Societies, the United Nations High Commissioner for Refugees, and the United Nations Children's Fund.
1
1
1
Edited News | OHCHR , UNOG
UN Human Rights Office spokesperson Seif Magango today told the bi-weekly UN press briefing in Geneva of more details that are emerging on the atrocities committed in El Fasher, in Sudan during and after its takeover by the Rapid Support Forces.
1
1
1
Edited News | OHCHR , UNOG
UN Human Rights Office spokesperson Seif Magango made the following comment on Friday at the bi-weekly press briefing in Geneva.