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
1
Edited News | OHCHR , UNOG
The United Nations Integrated Office in Haiti (BINUH) and the UN Human Rights Office have today released a report detailing the evolution of violent gang incidents beyond the capital Port-au-Prince since October 2024 up to June 2025, and the resulting loss of life and mass displacement.
1
1
1
Statements , Press Conferences | OHCHR , UNOG
UN Human Rights Office (OHCHR) spokesperson Ravina Shamdasani at the Geneva press briefing in response to questions about US sanctions imposed on UN Special Rapporteur on the situation of human rights in the Palestinian Territory occupied since 1967, Francesca Albanese.
1
1
1
Press Conferences | UNHCR , OHCHR , WHO
Rolando Gómez, Chief of the Press and External Relations Section at the United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, which was attended by spokespersons and representatives from the UN Refugee Agency, the Office of the United Nations High Commissioner for Human Rights and the World Health Organization.
1
1
1
Edited News | WHO , OHCHR
Gaza: ‘Unacceptable’ choice between getting shot or getting fed – UN humanitarians
Following the deaths of several children in an Israeli strike on Palestinians waiting in line for nutritional supplements in central Gaza on Thursday, UN humanitarians have once again condemned the killings of people at aid distribution sites in the enclave.
1
1
1
Press Conferences | WMO
Sara Basart, WMO Scientific Officer, speaks.
1
1
1
Press Conferences | IFRC , OHCHR , WHO , UNCTAD
Rolando Gómez, Chief of the Press and External Relations Section at the United Nations Information Service (UNIS) in Geneva, chaired the hybrid briefing, which was attended by spokespersons and representatives from the International Trade Centre, International Federation of Red Cross and Red Crescent Societies, United Nations High Commissioner for Refugees, Office of the United Nations High Commissioner for Human Rights, World Health Organization, and United Nations Trade and Development.
1
1
1
Edited News | OHCHR , UNOG
At the United Nations bi-weekly press briefing in Geneva, Ravina Shamdasani, Spokesperson for the Office of the UN High Commissioner for Human Rights made the following comments on the recent violence in Kenya.
1
1
1
Press Conferences | ITC
1
1
1
Edited News | ITC
US tariffs uncertainty hurts world economy, with poorest countries hit hardest – top UN economist
A new US decision to further delay the end of a 90-day pause on tariffs is bad for business, a top UN economist said on Tuesday.
1
1
1
Press Conferences | WIPO , UNICEF , UNHCR , WHO , IFRC
Rolando Gómez, of the United Nations Information Service in Geneva, chaired a hybrid press briefing, which was attended by the representatives and spokespersons of the United Nations High Commission for Refugees, the Office of the High Commissioner for Human Rights, the International Federation of the Red Cross, the World Intellectual Property Organisation, the Organisation Internationale pour la Francophonie, and the GIGA Connectivity Forum.
1
1
1
Edited News | WHO , OHCHR
Gaza aid site horror continues as more starving people shot trying to get food
Amid intensifying hopes for a new Gaza ceasefire, UN humanitarians confirmed disturbing details on Friday of continued killings and injuries of Palestinians desperately seeking food at aid sites.
1
1
1
Press Conferences | HRC
Launch of the latest report of the Special Rapporteur "From economy of occupation to economy of genocide".