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Saturday, Jan 11, 2025

Israel-Hamas Conflict Leads to 90% Drop in Gaza GDP: IMF

The ongoing conflict between Israel and Hamas has severely impacted Gaza's economy, resulting in an 86 percent drop in GDP, according to the IMF. This has created dire socioeconomic conditions and a humanitarian crisis. In the West Bank, the economic situation has also deteriorated, with a 25 percent decline in GDP. Meanwhile, the Israeli economy is affected by the war, with credit rating downgrades and sluggish growth.
A year-long conflict between Israel and Hamas has resulted in severe economic repercussions for the region, specifically the occupied West Bank and Gaza, according to the International Monetary Fund (IMF).

Gaza's GDP has seen a substantial decline of 86% in the first half of 2024, as reported by Julie Kozack, IMF’s communications chief.

The civilian population in Gaza is enduring dire socioeconomic conditions and a humanitarian crisis with limited aid delivery.

In the West Bank, GDP has dropped by 25% during the same period as conditions continue to worsen.

The conflict, sparked by Hamas's attack on October 7, has claimed 1,205 Israeli lives, primarily civilians, and Israel's retaliatory actions have resulted in the deaths of 41,788 Gazans, according to figures from Gaza's health ministry, corroborated by the UN.

Israel’s economy is also impacted, with major credit rating agencies downgrading its debt.

While Israeli GDP saw some recovery with a 14% growth in early 2024, growth slowed to 0.7% in the second quarter.

Additionally, the situation in Lebanon has deteriorated, with Hezbollah engaging in cross-border conflict with Israel, further complicating Lebanon's fragile economic state.

Over 1,000 casualties and significant displacement have been reported in Lebanon amid the conflict.

Iranian-backed forces, in retaliation for the killing of Hezbollah leader Hassan Nasrallah, have launched attacks on Israel, raising tensions further.
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