‘Utter ruin’: Gaza economy would take 350 years to return to pre-conflict level, UN says

Palestinians walk near rubble and destroyed buildings in Khan Younis. The UN report said that, by the end of July 2024, 88% of school buildings had suffered some damage and more than 62% of residential buildings were damaged or destroyed. Photograph: Mohammed Salem/Reuters

Gaza’s economy has been left in “utter ruin” by the year-long war between Israel and Hamas, and it would take 350 years to return to its pre-conflict levels, the United Nations has warned.

In a report on the economic costs of the war prepared by its trade and development wing (Unctad), the UN said the fighting since Hamas killed more than 1,200 people in Israel on 7 October last year had devastated the remnants of Gaza’s economy and infrastructure.