Israeli bombardment severely weakened Gaza economy: Report | Gaza News

 Israeli bombardment severely weakened Gaza economy: Report | Gaza News

The UN, EU, and World Bank report estimates the cost of damage to the Gaza Strip after the 11-day May offensive between $290m and $380m.

The socioeconomic situation in the Gaza Strip has been severely weakened as a result of the Israeli offensive in May, a report (PDF) by the United Nations, the European Union and the World Bank has found.

The Gaza Rapid Damage and Needs Assessment (RDNA) report published on Tuesday estimated that the damage caused by the 11-day bombardment was between $290m and $380m, while the recovery needs are projected at between $345m and $485m.

“Following the hostilities, 62 percent of the population of Gaza is food insecure,” the report said, adding that unemployment was already at 48 percent and poverty rates above 50 percent before the escalation.

The offensive killed at least 260 Palestinians, including 66 children, and caused widespread damage to infrastructure and residential areas. On the Israeli…

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