Palestine's economy faces unprecedented crisis due to Israel's carnage

The Israeli onslaught in Palestine is having a catastrophic impact on the local economy, the World Bank said, noting that all sectors have been badly affected by Israel's carnage.

Economic output in besieged Gaza plummeted by 86 percent in the first half of this year, and by 23 percent in the occupied West Bank, according to recent Bank data, leaving the Palestinian economy on track to contract by 26 percent in inflation-adjusted terms this year.

"The ongoing conflict in the Middle East continues to have a catastrophic impact on the Palestinian economy, pushing the territories into a crisis of unprecedented magnitude," the bank said in a statement on Monday.

"The continuation of the hostilities has led to a sharp reduction in economic output and a collapse of basic services in both the West Bank and Gaza, amid skyrocketing poverty across the territories," it added.

Inflation in Gaza rose 300 percent in the 12 months to October, with food prices surging by 440 percent, and energy prices by more than 200 percent due to major supply disruptions and the difficulty of getting food aid to people in need, the Bank said.

As a result, 91 percent of Gaza's population "is on the brink of acute food insecurity," the Bank said, citing a recent report, adding that 875,000 people faced "emergency levels of food insecurity," while 345,000 were at "catastrophic" levels.

More broadly, all the basic structures of Gaza society have been destroyed: communications networks have been almost entirely destroyed despite the efforts of local operators to maintain connectivity.

Israeli destruction

Israel has killed over 45,000 Palestinians, mostly women and children, in its onslaught in besieged Gaza so far.

In its carnage, Tel Aviv caused a massive shortage of basic necessities in the blockaded enclave, including food, water, electricity and medicine, while displacing almost the entire population of the enclave.

In the occupied West Bank, Israel has killed at least 812 Palestinians and wounded over 6,450 others, according to the Health Ministry.

The International Criminal Court (ICC) issued arrest warrants last month for Prime Minister Benjamin Netanyahu and his former Defence Minister Yoav Gallant for war crimes and crimes against humanity in Gaza.

Israel also faces a genocide case at the International Court of Justice for its war on Gaza.