Disruptions To Economic Life Causes Employment Rates In Palestine To Surge To 57 Percent During Q1 Of 2024

The current conflict in the Gaza Strip has led to massive turmoil in the Palestinian economy, not to mention the huge loss of innocent lives.

The war never seems to come to an end and recent reports have proven how the rates of unemployment in Palestine are set to soar to an incredible 57% during Q1 of this year.

Today, as per  International Labour Organization (ILO), more than 500,000 people have lost their jobs due to the conflict in the region which has shattered everyday life, not to mention devastated the economy at the same time.

The news was confirmed by stats rolled out in a new report by both the ILO and PCBS. It just goes to show that more than two-thirds of people living there have no jobs or means to make a living. Some are deprived of basic necessities including a roof over their heads and proper food to eat.

And with hostilities having no sign of coming to an end, the devastation would be brutal during Q2 as well with the yearly rate to increase to 45%. As per the recently rolled out report, daily income loss entails close to $21 million US dollars. This rose to $25 million per day when you put together losses in income due to wage payments of civil servants and whatnot as well as a reduction in income of those who work across the private sector.

The entire Gaza Strip is on the brink of being starved to death, some feeding children with grass. Neighborhoods no longer have any population, energy, medical facilities, water, or infrastructure.

Life has come to an absolute standstill and it’s absolute chaos everywhere.

Let’s not forget to mention how the chaos has taken a toll across the labor supply too with the decline of close to 3.6 percent for men and less than that for women. When we look at the whole economy, the estimates in this regard prove how the GDP fell by more than a third of what was seen in the past.

There’s a massive 80% drop in the Gaza Strip while a 22% fall arises across the West Bank region. But more bad news is on the horizon as bigger losses are expected to take place featuring up to 15% drop in both these areas if the war continues till the middle of this year.

So yes, the struggle is very real, and while humanitarian agencies are working alongside others in the UN to bring about relief in the form of support to aid the working community, especially employers, it’s just a struggle that continues to get worse as time goes by.

The ILO just rolled out a bigger appeal of $20 million to assist in the implementation of plans whereby an accurate response plan would better cater to the needs of an already starving and helpless population with no optimism in sight.

Image: DIW-AIgen

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