Israel's war and restrictions drive Palestinian economy to record collapse

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15% : The economy of the occupied Palestinian territory is facing its most severe collapse on record, driven by the scale of Israel's genocidal war on Gaza and continued restrictions on movement and trade, according to a new United Nations report.Published on Monday, the report by the UN Conference on Trade and Development (UNCTAD) said two years of Israeli military operations and longstanding curbs have pushed the occupied territory into an economic downturn now ranked among the 10 worst collapses recorded globally since 1960.Recommended Stories list of 4 itemsend of list"Extensive damage to infrastructure, productive assets and public services has reversed decades of socioeconomic progress in the Occupied Palestinian Territory," it said, referring to the Gaza Strip and the West Bank, including East Jerusalem.The situation in Gaza constitutes "the most severe economic crisis on record", it warned.The publication of the findings comes as Israeli attacks on Gaza continue, despite a six-week ceasefire between Israel and the Palestinian group Hamas.Israel's assault began on October 7, 2023, after an attack on southern Israel by fighters from Hamas and other Palestinian groups, during which an estimated 1,139 people were killed and about 240 were taken into Gaza as captives.In response, Israel unleashed a bombing campaign and tightened its longstanding blockade on Gaza, turning what had already been a 16-year siege into a total stranglehold.

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