UNCTAD Report Emphasizes Persistent Difficulties for Palestinians

The difficult economic and social circumstances that Palestinians will confront in 2022 are highlighted in the most recent report by the United Nations Conference on Trade and Development (UNCTAD). The paper identifies a number of enduring problems and challenges that continue to affect Palestinian society and the economy

Economic Difficulties

·        In 2022, the Palestinian GDP grew by 3.9%, although the country's real GDP per capita fell by 8.6% from its pre-pandemic level in 2019.

·        The real GDP in Gaza was nearly at its lowest point since 1994, and was 11.7% lower than the level in 2019.

·        In the Occupied Palestinian Territory, the unemployment rate remained high at 24%, and women and young people faced particular difficulties.

·        With 40% of the population in need of humanitarian aid, poverty has worsened.

·        Poorer households were disproportionately impacted by rising food and energy prices globally.

 

Dependency on Israel Economically

·        With 72% of all Palestinian trade coming from Israel in 2022, the Palestinian economy is still highly dependent on that country.

·        Monetary policy options are limited by the absence of a national currency and reliance on the Israeli shekel.

·        The Palestinian economy is vulnerable to shocks in a volatile environment due to its over-reliance on employment possibilities in Israel and settlements.

Reduced Donor Assistance

    Donor funding, which formerly lessened the effects of occupation, has drastically decreased. From a total of $2 billion, or 27% of GDP, in 2008, the Palestinian government received just $250 million in foreign financial support and $300 million for development projects in 2022.

Gaza's Persistent Difficulties

·        Since June 2007 Gaza has been subject to many military operations as well as a closure by land, sea, and air.

·        Gaza's economy has been negatively harmed by travel restrictions, the destruction of economic assets, and import restrictions on necessary technologies.

·        Between 2006 and 2022, investment in Gaza declined and the region's real GDP per person decreased by 37%.

·        With 80% of Gazans reliant on foreign aid, access to health and other basic services is still difficult.

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