 "What would it take to rebuild Gaza?")
The Israel-Hamas War has battered the Gaza Strip so much that it would take up to $70 billion over decades to rebuild it, according to a joint estimate by the United Nations (UN), World Bank, and the European Union (EU).
Even in the best-case scenario, it would take decades to rebuild Gaza, with just the removal of rubble taking up to 22 years, according to the UN Conference on Trade and Development’s (UNCTD) Report on the Economy of the Occupied Palestinian Territory.
Israeli bombardment and demolitions on the ground have flattened entire neighbourhoods in Gaza. While Israel has blamed terrorists from Hamas and other groups for hiding in civilian areas, Palestinians and sections of the international community have indicted Israel for indiscriminate bombing and intentional demolitions.
Previously, a separate UN report had said that 92 per cent of all homes had been destroyed or damaged in the war.
$70 billion to rebuild Gaza, 22 years to just clear rubble: UN report
The UNCTD’s has reported that the UN, World Bank, and EU have assessed that it would take $70 billion to rebuild Gaza.
In the most optimistic scenario where they have full access to reconstruction materials and funds, “it will take decades for Gaza to regain the level of economic activity it had before the latest conflict”, according to Mutasim Elagraa, the coordinator of UNCTD’s Palestinian programme.
Elagraa said that simply removing rubble could take 22 years and clearing unexploded ordnance may take up to 10 years.
Last year, Gaza’s GDP fell 83 per cent year-on-year and GDP per capita stood at the world’s lowest of 50 cents per day, according to the report.
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Gaza’s current economy is just 13 per cent of its pre-war size, the report found.
“Gaza’s economy has lost 87 per cent of its value since 2022. GDP per capita has reverted to levels seen 22 years ago. This is the worst economic crisis on record, anywhere in recent decades,” said Elagraa.
‘Gaza has lost 70 years of human development’
The damage goes far beyond physical infrastructure. Entire schools and universities are now rubble and more than four-fifths of agriculture has been lost.
The damage from the loss of educational institutions will be felt for “generations to come”, the report said.
Elagraa said that the loss of educational opportunities alone represents the collapse of a quarter-century of human development in Gaza. He said that “education, skills, and the entire human development base have been shattered".
“Gaza has lost 70 years of human development,” said Elagraa.
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