The United Nations has warned that Gaza faces a “human-made abyss” and that rebuilding the territory could cost more than $70 billion over several decades, The Guardian reported. A report by the UN Conference on Trade and Development (UNCTAD) highlighted that Israel’s military operations have “significantly undermined every pillar of survival” for Gaza’s 2.3 million residents, leaving the population in “extreme, multidimensional impoverishment.”
UNCTAD noted that Gaza’s economy contracted by 87% between 2023 and 2024, reducing GDP per capita to just $161, among the lowest in the world. The West Bank has also suffered from economic decline, attributed to violence, settlement expansion, and restrictions on worker mobility. The report added that withholding of fiscal transfers by Israel has limited the Palestinian Authority’s ability to provide essential services or invest in recovery, at a time when urgent rebuilding and crisis response are needed.