United Nations experts have issued a warning regarding the severe economic repercussions stemming from Israel’s ongoing military actions in Gaza and its broader financial control over the occupied Palestinian territories. In a recent statement, they highlighted that the economic conditions in Gaza have been drastically deteriorated due to extensive physical destruction, a blockade, and repeated forced displacements. The experts noted that most commercial, agricultural, and industrial assets in Gaza have been either damaged or destroyed, while unemployment has surged to over 80%. The gross domestic product (GDP) has significantly contracted, and trade activities have come to a standstill. Poverty levels are reported to be endemic, with parts of Gaza officially declared to be experiencing famine, as per the UN-backed Integrated Food Security Phase Classification (IPC) report published last month. Additionally, the region is facing a liquidity crisis due to the destruction of banking infrastructure and restrictions on currency inflow, exacerbated by hyperinflation. In the occupied West Bank, economic strain is also increasing as Israel has withheld tax revenues owed to the Palestinian Authority in violation of the Oslo Accords. Furthermore, the suspension of work permits for 100,000 Palestinian workers has severely impacted cash inflows. The experts emphasized that these actions constitute a violation of Israel’s human rights obligations and hinder the collective rights of the Palestinian people to economic self-determination.
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