Israel leaving Gaza economy in ruins – Analysis

Gaza’s Economy Devastated by Israel-Hamas Conflict, Relies on Foreign Aid

Israel’s ongoing conflict with the Palestinian militant group Hamas has had a devastating impact on Gaza’s economy, according to experts cited by CNBC. The conflict, which began on October 7, has resulted in the loss of Gaza’s only source of income – access to Israel’s labor market. The International Labor Organization reports that approximately 182,000 Gazans, representing 61% of the workforce, have lost their jobs in the past month. Even before this, Gaza’s unemployment rate was already one of the highest in the world at over 40%. As a result, the entire Gazan population is now without work.

Marko Papic, chief strategist at Clocktower Group, stated, “Gaza’s economy is 100% dependent on two sources of revenue: foreign aid and access to Israel’s labor market. The latter is now gone, probably forever. The only thing remaining is foreign aid.”

Prior to the escalation of the conflict, the United Nations reported that 80% of Gazans relied on international aid for their livelihood and were considered food insecure. The ongoing violence has resulted in the deaths of nearly 15,000 Palestinians and has displaced approximately 1.5 million people, representing the majority of Gaza’s population.

Gaza’s economy has faced stagnation over the past 15 years due to an air, land, and sea blockade imposed by Israel when Hamas came into power. The Palestine Economic Policy Research Institute notes that Gaza’s economy has ceased to function and is likely to remain that way indefinitely.

Experts warn that outside assistance will be necessary to revive Gaza’s economy. Papic suggests that a deal to end the conflict will likely require Gulf Arab monarchies and Saudi Arabia to bear a significant portion of the financial burden for Gaza’s viability in the future.

Analysis:

The article sources its information from CNBC and provides quotes from Marko Papic, chief strategist at Clocktower Group. While CNBC is a reputable news source, it is worth noting that the article on RT is a rewrite of the original CNBC article and therefore could introduce potential biases or inaccuracies.

The presentation of facts in the article is largely straightforward, reporting on the impact of the conflict on Gaza’s economy and the reliance on foreign aid. The statistics provided by the International Labor Organization and the United Nations add credibility to the information presented.

There is a potential bias in the article towards a pro-Palestinian perspective, as the focus is on Israel’s role in devastating Gaza’s economy and the need for foreign aid. The article does not provide a comprehensive analysis of the complexities and historical context of the Israel-Hamas conflict.

The overall impact of the information presented is to highlight the dire economic situation in Gaza and the urgent need for outside assistance. The article emphasizes the devastating consequences of the conflict and calls for a resolution that involves financial support from Gulf Arab monarchies and Saudi Arabia.

Given the prevalence of fake news and the polarized political landscape surrounding the Israel-Palestine conflict, the public’s perception of this information may be influenced by their existing biases and political affiliations. Those sympathetic to the Palestinian cause may view this article as highlighting the injustice of Israel’s actions, while others may view it as painting Israel in a negative light without considering the wider context of the conflict. It is important for readers to seek a variety of perspectives and verify information from multiple credible sources to gain a nuanced understanding of the topic.

Source: RT news: Israel leaving Gaza economy in ruins