Gaza’s economy experienced an 83% decline in 2024, pushing all 2.3 million residents into poverty. This followed months of bombardment in military actions carried out by Israel, which have been termed genocide by the United Nations Commission of Inquiry.
This economic devastation, coupled with widespread structural damage and a severe fiscal crisis, has erased decades of development and left the region facing an unprecedented humanitarian challenge.
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Gaza’s GDP fell to just $362 million in 2024, with cumulative losses across 2023 and 2024 reaching 87%. GDP per capita has plunged to $161, among the lowest worldwide dropping to just 6.4% of its 2005 peak.
The economic crisis extended beyond GDP figures. Inflation surged to 238%, and unemployment reached 80%. As a direct consequence, all 2.3 million people living in the enclave fell below the poverty line. This crisis has been described by UNCTAD as the most severe economic crisis ever recorded, wiping out 69 years of human development.
