Palestine Economic Update: October November 2023

Author: Palestine Economic Policy Research Institute – MAS

The war on the Gaza Strip has caused a catastrophic humanitarian situation, with over 60% of housing destroyed or damaged, severe water and food shortages, and a dire displacement crisis affecting 1.7 million individuals. Buildings, infrastructure, and essential services like healthcare and WASH facilities are extensively damaged.
Escalating violence and restrictions in the West Bank are causing further economic hardships. Severe access limitations, closure of checkpoints, and economic losses have intensified humanitarian needs.
International aid efforts, including a UN Flash Appeal, seek $1.2 billion to address the Gaza and West Bank crisis. About 21% of this amount was covered by 28 November. Despite disruptions in developmental aid, humanitarian assistance continues.
Palestine faces a severe economic downturn that extends beyond the destruction caused by the war in Gaza. Early estimates show an across-the-board decline in production, investment, private consumption, and trade. Hundreds of thousands of jobs have been lost, and unemployment rates are expected to reach unprecedented levels, exacerbating existing socioeconomic challenges.
This special Update summarizes the main socio-economic information produced by international development and humanitarian agencies since the War began.

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