Palestine Economic Update - October/November 2023

author: Palestine Economic Policy Research Institute - MAS
year: 2023
  • The war on the Gaza Strip has caused a catastrophic humanitarian situation, with over 60% of housing destroyed or damaged, severe water and food shortages, and a dire displacement crisis affecting 1.7 million individuals. Buildings, infrastructure, and essential services like healthcare and WASH facilities are extensively damaged. 
  • Escalating violence and restrictions in the West Bank are causing further economic hardships. Severe access limitations, closure of checkpoints, and economic losses have intensified humanitarian needs.
  • International aid efforts, including a UN Flash Appeal, seek $1.2 billion to address the Gaza and West Bank crisis. About 21% of this amount was covered by 28 November. Despite disruptions in developmental aid, humanitarian assistance continues.
  • Palestine faces a severe economic downturn that extends beyond the destruction caused by the war in Gaza. Early estimates show an across-the-board decline in production, investment, private consumption, and trade. Hundreds of thousands of jobs have been lost, and unemployment rates are expected to reach unprecedented levels,  exacerbating existing socioeconomic challenges.
  • This special Update summarizes the main socio-economic information produced by international development and humanitarian agencies since the War began.
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