April 24, 2025 2:11 am
Full News

World Bank: Palestinian Economy Faces Catastrophic Decline Amid Ongoing Conflict

WASHINGTON: The ongoing war in the Palestinian territories has led to a devastating economic downturn, according to the World Bank. The Bank reported on December 16 that the conflict has decimated all sectors of the Palestinian economy, with Gaza’s economic output plunging by 86% in the first half of 2024, and the West Bank contracting by 23%. As a result, the Palestinian economy is projected to shrink by 26% in inflation-adjusted terms this year.

“The ongoing conflict in the Middle East continues to have a catastrophic impact on the Palestinian economy, pushing the territories into a crisis of unprecedented magnitude,” the World Bank stated. The war, which began with Hamas’s October 7, 2023, attack on Israel, has triggered Israel’s retaliatory strikes that have left Gaza devastated. According to Hamas-run health ministry data, at least 44,976 people in Gaza have died, the majority being civilians.

The World Bank reported a sharp decline in basic services and infrastructure in both Gaza and the West Bank. Gaza has faced a staggering 300% inflation rate over the past year, with food prices soaring by 440%, and energy costs rising by over 200%. Due to severe supply disruptions, the population in Gaza is nearing a crisis point, with 91% of its residents facing acute food insecurity. Around 875,000 people are experiencing emergency-level food insecurity, and 345,000 are at catastrophic levels.

The ongoing conflict has destroyed much of Gaza’s infrastructure, including its communications networks, despite efforts by local operators to maintain connectivity, further exacerbating the humanitarian crisis.

Related News
Christina Haack and Tarek El Moussa Forgive Each Other in Tearful Reunion
Lady Gaga Announces New Album’s Release Date
Sonic the Hedgehog 4 Announces Release Date
A Minecraft Movie’ Breaks Box Office Record
Indian Superstar Shah Rukh Khan Receives Death Threat
Trump’s Second Inauguration Sees Smaller Protests, Less Boycotting by Democrats
Related Posts
MIDI Strategic Vision: Analysis of Development and Economic Impact in Bangladesh.
Title: South Asia’s Growth Prospects Declining Alarmingly: World Bank
India Declares Pakistani Military Advisers ‘Persona Non Grata’
India Cancels Indus Water Treaty with Pakistan Following Kashmir Attack
Swachip Office Vandalized Amid Political Turmoil : Bangladeshi Doctors’ Body Blames ‘Illegitimate Yunus Government’
Modi Avoids Pakistani Airspace on Return from Saudi Arabia
More News

Trump To Visit India, PM Modi Invited To White House

President-elect Donald Trump will be sworn in on Monday. Leaders and dignitaries of different countries of the world will be present at this oath-taking ceremony. The Indian side will be represented by External Affairs Minister S Jaishankar. There are reports of which countries Trump can visit after taking office. According to the Wall Street Journal […]

UFC 309: Jon Jones Knocks Out Stipe Miocic, Retains Heavyweight Title in Star-Studded Event

Jon Jones delivered a spectacular knockout against Stipe Miocic at UFC 309, securing his heavyweight title defense with a spinning back kick to the ribs followed by a series of head strikes in the third round. The victory, which took place at Madison Square Garden, marked Miocic’s retirement and left Jones hinting at his continued […]

Nine Sydney Beaches Closed Due to Mysterious Debris

Nine beaches in Sydney, including the well-known Manly Beach, were closed to bathers on January 14 after small white and grey balls of debris washed up on the shores at the height of the summer holiday season. The Northern Beaches Council stated that it was working on safely removing the matter. Most of the samples […]

Trump Lifts Restrictions on Household Water Use

U.S. President Donald Trump has repealed water usage limits for household activities such as bathing, washing dishes, doing laundry, and cleaning cars — restrictions previously imposed by former presidents Barack Obama and Joe Biden to prevent water wastage. On Friday, President Trump signed an executive order in the Oval Office in Washington. During a press […]

Who is City’s new Brazilian defender for 49 million euros

You can dominate the fight for possession of the ball, you can become a threat to the opponent at the moment the ball floats in the air, you can be very good at passing, with excellent leadership qualities – Manchester City was looking for such a person. They finally get him. His name is Reyes. […]

Jennifer Lopez’s Kiss of the Spider Woman Nears Deal

After generating significant buzz at its Sundance Film Festival premiere in January, Kiss of the Spider Woman, a musical remake starring Jennifer Lopez, is on the verge of securing a distribution deal. Roadside Attractions, Lionsgate, and LD Entertainment are all in the running for the domestic rights, though the deal has not been finalized. The […]

Navigating LGBTQ and Transgender Issues: A Republican Vision for Fairness and Unity

Lucian Holness, a transgender marketing manager, awoke to a sense of foreboding on November 6th. President Donald Trump’s decisive victory and return to the White House signaled a shift in the political landscape, eliciting mixed emotions among various communities. For Holness, Trump’s presidency was a reminder of ongoing cultural and political debates in America. Holness, […]

At Least 39 More Palestinians Killed in Gaza, Death Toll Nears 51,000

At least 39 more Palestinians have been killed in Israeli attacks on the besieged Gaza Strip, with over a hundred others injured. As a result, the total number of deaths in the blockaded enclave has nearly reached 51,000. According to a report published by Anadolu Agency on Monday (April 14), more than 1,600 Palestinians have […]

Reddit Overtakes X as Fifth Most Popular Social Media Platform in the UK

Reddit has surpassed X (formerly Twitter) to become the fifth most popular social media platform in the UK, according to a report by Ofcom, the UK’s communications regulator. The platform attracted 22.9 million UK adult visitors in May 2024, compared to X’s 22.1 million, marking a significant milestone in Reddit’s growth trajectory. The data reveals […]

Trump Announces Military Aid for Ukraine Again

After agreeing to a 30-day ceasefire with Russia, the United States has decided to resume military aid to Ukraine. This announcement was made after a meeting between U.S. and Ukrainian officials in Jeddah, Saudi Arabia, on Tuesday (March 11). U.S. President Donald Trump has also invited Ukrainian President Volodymyr Zelensky to the White House for […]