Gaza's Economic Collapse: A Return to the 1950s

The Palestinian economy has declined by 35% since Israel's invasion of Gaza, according to a UN study. Development in Gaza has regressed to 1950s levels, with poverty nearing 100% and unemployment at 80%, making the region's economic recovery increasingly challenging.

The Palestinian economy has suffered a crippling blow, contracting by 35% since the beginning of Israel's assault on Gaza a year ago, according to the UN's development agency. The socioeconomic fabric of Gaza has retrogressed to conditions reminiscent of the 1950s, a stark depiction of the ongoing crisis.

A UNDP report reveals the conflict has resulted in severe socioeconomic impacts. Over 42,500 lives are reported to have been lost in the turmoil. Poverty levels are nearing a staggering 100%, and unemployment has skyrocketed to 80%, representative of the profound disruptions faced by the region.

"The state of Palestine is experiencing unprecedented levels of setbacks," remarked Chitose Noguchi from Deir Al-Balah, highlighting the dramatic reversal of Gaza's development by approximately seven decades, indicative of the looming challenges in aiding the region's recovery.

(With inputs from agencies.)