EconomyLens.com
No Result
View All Result
Tuesday, July 15, 2025
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

Gaza economy shrank by more than 80% in 4th quarter due to conflict: World Bank

Emma Reilly by Emma Reilly
February 22, 2024
in Economy
Reading Time: 3 mins read
A A
9
19
SHARES
237
VIEWS
Share on FacebookShare on Twitter

Washington (AFP) – The Israel-Hamas war has had a “catastrophic” impact on Gaza’s infrastructure and caused its economy to contract by more than 80 percent in the fourth quarter of the year, the World Bank said. The ongoing conflict has caused widespread damage and destruction across Gaza, and caused a “massive loss of life,” the Bank said a statement.

The October 7 Hamas attack resulted in the deaths of about 1,160 people in Israel — mostly civilians — according to an AFP tally of Israeli official figures. Hamas militants also took around 250 hostages — 130 of whom remain in Gaza, including 30 presumed dead, according to Israel. Israel’s retaliatory campaign has killed almost 30,000 people, mostly women and children, according to the latest count by the Hamas-run health ministry in Gaza.

Beyond the devastating human impact, “Almost all economic activity in Gaza has ground to a halt,” the Bank said. “Since the start of the conflict, the Palestinian economy experienced one of largest shocks recorded in recent economic history,” it added. The World Bank pointed to preliminary estimates from the Palestinian Central Bureau of Statistics (PCBS), which found that Gaza’s GDP has “plummeted by more than 80 percent” — from around $670 million in the third quarter to just $90 million in the fourth quarter. This 80 percent quarterly decline amounts to an annual a drop of 24 percent, the Bank continued, adding that “the observed level of fixed assets damage and destruction is catastrophic.”

Related

French PM proposes cutting national holidays to cut debt

Trump says Indonesia to face 19% tariff under trade deal

Tackling debt ‘curse’, France wants to slash holidays

EU threatens US planes and whiskey while pressing for deal

US banks see lower recession risk despite tariff fog

“Nearly every resident of Gaza will live in poverty, at least in the short term,” it said. Amid the ongoing conflict, the Bank announced a $30 million grant Thursday “to help ensure the continuity of crucial education for children.” “This grant will contribute to the education sector to help ensure that learners don’t miss out on essential education,” it said in a statement.

Tags: GazawarWorld Bank
Share8Tweet5Share1Pin2Send
Previous Post

US home sales tick up in January on lower mortgage rates

Next Post

Lagos state intervenes to ease Nigeria cost of living crisis

Emma Reilly

Emma Reilly

Related Posts

Economy

US House set to vote on landmark crypto bills this week

July 15, 2025
Economy

‘Dialogue’ must be at heart of China, Australia ties, PM tells Xi

July 15, 2025
Economy

China’s economy grows 5.2% on trade war truce

July 15, 2025
Economy

Ukraine’s Zelensky proposes new PM, defence minister in major reshuffle

July 14, 2025
Economy

EU still seeks Trump trade deal — but readies retaliation

July 14, 2025
Economy

EU still seeks trade deal after new Trump tariff threat

July 14, 2025
Next Post

Lagos state intervenes to ease Nigeria cost of living crisis

US Fed official warns of inflationary risk of over-consumption

Argentine austerity anger mounts, but govt says its working

Swiss-Italian chocolate war set to end with sweet truce

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
9 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

New York ruling deals Trump business a major blow

72

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

EU threatens US planes and whiskey while pressing for deal

July 15, 2025

US banks see lower recession risk despite tariff fog

July 15, 2025

Stocks diverge, as US inflation puts focus on Trump’s tariffs

July 15, 2025

Fallen Austrian tycoon Benko charged with fraud

July 15, 2025
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2025 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.