Gaza: The Chambers of Commerce and Industry in the Gaza Strip announced a complete collapse of the economic system and a dramatic 527% increase in prices, attributing these developments to the Israeli blockade and continuous restrictions on the importation of goods and humanitarian aid.
According to Palestine News and Information Agency - WAFA, the head of the Gaza Governorate Chamber of Commerce, Ayed Abu Ramadan, conveyed the dire consequences of the ongoing Israeli closure of crossings and its impact on the Palestinian economy in a statement during a press conference held on Sunday. The statement described the situation in Gaza as catastrophic, with Israel's closure entering its 59th day and no signs of relief in sight.
More than two million residents are facing severe shortages of essential items such as food, medicine, and fuel due to the blockade. The statement highlighted the rapid deterioration in health and living conditions throughout the Strip as a result of these shortages.
The blockade has also brought private sector goods to a standstill, crippling economic activities and disrupting supply chains, which has led to an unprecedented increase in the prices of necessary goods.
The Chambers of Commerce accused the blockade of constituting a deliberate policy of deprivation against civilians, in violation of international laws that prohibit collective punishment and the denial of basic needs. This includes the Rome Statute of the International Criminal Court and the Geneva Conventions.
According to the data from the Chambers of Commerce, since the closure of the crossings in October 2023, the price index for essential goods has escalated by 527%. The blockade has devastated food security and its supporting systems, with restrictions placed on farmers and fishermen, leaving goods stranded outside Gaza.
The statement confirmed the comprehensive collapse of Gaza's economic infrastructure, exacerbated by the prohibition on raw materials, fuel, and production supplies. This has rendered agricultural lands and fishing activities inaccessible, crippling all productive and commercial sectors, leading to widespread closure of factories, farms, and businesses, and resulting in mass unemployment.
The Gaza Chambers of Commerce cautioned that this economic downfall threatens the immediate and long-term social and humanitarian framework of the Gaza Strip.
