Monday, 24 June 2024
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EconomyWorld

Gaza Develops a Wartime Economy Beneath Israeli Bombs

  • A “war economy,” centered on basics like food, shelter, and money, has resulted from the war.
  • Gaza’s economy has suffered one of the worst shocks in recent memory.
  • A tiny number of individuals in Gaza have been driven into despair by Israel’s targeting of the Hamas regime.

The Israel-Hamas conflict has had a devastating effect on Gaza’s economy, with humanitarian packages being sold for amounts that few could afford. A “war economy,” centered on basics like food, shelter, and money, has resulted from the war.

Items that are looted and marked “Not for resale” find their way into makeshift markets where people can make a few dollars a day by excavating toilets or evacuating displaced persons. Many people now work full-time jobs at bakeries, money exchange shops, and assistance delivery facilities where standing in line is the norm. Unlike earlier wars, this subsistence economy allows for rapid reengagement in terms of economic conditions by targeting a single area while sparing other zones.

A Wartime Economy

Today, the majority of Gaza’s Palestinian population suffers from poverty, has little access to housing, healthcare, or education, and a jobless rate of about 74%. Gaza’s economy has suffered one of the worst shocks in recent memory; in the final quarter of 2023, the region’s GDP fell by 86%.

According to Israel’s Defense Ministry, the strikes on Gaza were intended to target the “terrorist infrastructure” of Hamas. These days, the scarcity of aid and the fervent need for it drive the economy.

500 trucks a day, pre-conflict, entered the Gaza Strip with gasoline, commercial products, and humanitarian relief. The average daily number decreased to 113 after the war and additional Israeli restrictions were put in place.

The enclave is becoming more and more hungry since the supply of food and supplies has all but halted. Prices have surged, and hundreds of thousands of Palestinians escaping Israel’s offensive are having to pay hundreds of dollars for transportation away from the airstrikes.

Locals claim that because of Israeli military limitations, relief delivery has been erratic and disorganized, which has caused desperation and provided a chance for armed groups or individuals to plunder.

A tiny number of individuals in Gaza have been driven into despair by Israel’s targeting of the Hamas regime. To undermine the military and administrative capacities of Hamas, the Israeli military has attacked police officers, commanders, stations, and vehicles.

People have discovered new ways to make a few bucks as jobs evaporate. Tent cities are home to many displaced people, resulting in a small business around temporary restrooms and shelters.

These covers now cost over twice as much as they did before the conflict. Certain people have been able to profit from the crisis by even using their funds to cover the rising costs of war. In Gaza, there are still not many ATMs in use, and those who want to access their money can do so by paying large commissions to money changers.

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