UNCTAD Reports Gaza Facing Most Severe Economic Crisis Ever

The United Nations Conference on Trade and Development (UNCTAD) declared on September 24, 2026, that the Gaza Strip is experiencing the most severe economic crisis ever recorded. A report released in Geneva reveals that 92% of Gaza's economic establishments have been damaged or destroyed following an Israeli military offensive triggered by a Hamas attack in October 2023. The devastation has left over 90% of the working-age population unemployed and reduced daily per capita GDP to $0.58, an 83% drop from 2022 levels.

Industrial and agricultural production have plummeted by 94%, and with only 1.5% of arable land accessible, the population of 2 million people is now entirely dependent on humanitarian food aid. Prices have surged by 274% compared to 2022. UNCTAD estimates that total recovery and reconstruction needs amount to $71.5 billion. The territory's Health Ministry reported more than 73,000 deaths resulting from the offensive.

The report also warns of a potential banking collapse across the Palestinian territories. In the West Bank, a financial crisis is being driven by Israeli settlement expansion and the freezing of Palestinian Authority tax revenues by the Israeli Finance Ministry. While Israeli officials state military operations targeted Hamas infrastructure, the report notes structural constraints from 59 years of occupation. Immediate priorities for stabilization include the transfer of withheld revenues and the safeguarding of the banking system.