Palestine Economic Update – February 2024

Key Developments

• The concentration of displaced persons in Rafah, with threats of invasion, poses a risk of magnifying the humanitarian disaster. The Gaza Strip is in famine-like conditions, with the population struggling for necessities and an increasing number of people dying every day from hunger.
• Reconstruction costs of housing units are conservatively estimated at $15 billion, and the economic losses are projected to persist for decades.
• East Jerusalem faces economic challenges due to intensified Israeli restrictions, resulting in a downturn in trade, commerce, tourism, and transportation sectors. The city is experiencing a developmental stalemate. East Jerusalem’s health and education sectors are also suffering.
• Economic devastation is unfolding in Jenin and Nablus, along with other cities across the West Bank, with challenges in industrial, commercial, and service activities and significant economic losses.
• The suspension of funds to UNRWA poses a grave threat to Palestinian refugees in Gaza and elsewhere, affecting essential services, food distribution, and healthcare, with potential shutdown warnings if funding is not restored.
• The Palestine Monetary Authority assures the resilience of the Palestinian banking system amidst the ongoing aggression on Gaza, highlighting stress tests and increased customer deposits.

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