Nine months into Israel’s war on Gaza, its economy lies in ruins. Factories and businesses are reduced to rubble. The UN reports a nearly 25 percent shrink in Gaza's GDP last year, with record unemployment and increased reliance on aid.

Tel Aviv-Yafo

Israel and Iran have agreed a ceasefire after a twelve day conflict. Meanwhile, Israel strikes in Gaza continue with the humanitarian crisis deepening.

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Israel's war on Gaza has significantly impacted its economy. The conflict has led to the destruction of factories and businesses, severely affecting economic activities. According to the United Nations, Gaza's GDP shrank by nearly 25% last year, with record unemployment and increased reliance on aid.

Ayed Abu Ramadan, the chairperson of Gaza's Chamber of Commerce, stated that at least 85% of businesses have been destroyed. His own farm in the north, employing over 200 people, was also not spared. He recounts how an Israeli soldier was seen consuming his dragon fruit and other produce while taking photos around his farm.

Ramadan, who used to import frozen meat, fish, and vegetables from Israel and abroad, reported losses exceeding $2 million. The losses were due to targeted attacks on his facilities, resulting in the destruction of goods stored in freezers.

Abdelhay Abushammala, a factory owner, estimated the damage to his factory at $800,000. His facility, one of the few specializing in school furniture in Gaza, employed up to 25 people. The destruction has left twisted metal and rubble where the factory once stood, significantly impacting his employees.

Smaller businesses are also suffering. Shady Al Madhoun, who ran a pop-up shop, highlighted the lack of necessary equipment and basic necessities for his trade. The extensive damage to key industries has led to a challenging economic situation, leaving thousands unemployed and in dire need of aid.

The economy in Gaza is in a devastated state due to the ongoing conflict. While efforts to rebuild are crucial, the cessation of hostilities is essential to start the recovery process.

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Nine months of war decimates Gaza's economy

Israel's war on Gaza has witnessed an onslaught on more than just people. Anything that grows food, manufactures goods or creates jobs appears to be a target. There is also something else that's been strangling the Strip for decades. The main factor impeding the recovery of the Palestinian economy is the Israeli occupation. That's Ayed Abu Ramadan, the chairperson of Gaza's Chamber of Commerce. He says at least 85% of businesses have been destroyed. His own Alash farm in the north, employing more than 200 people, wasn't spared. What's ironic is that the only news I got from my farm is from an Israeli soldier who was eating my fruit, which I planted there, which is dragon fruit. He was eating it inside the tank and eating the oranges and taking pictures with my puppies, cat and olive trees. This entrepreneur used to own a company importing frozen meat, fish and vegetables from Israel and abroad. Our losses exceed $2 million because when our facilities were targeted, our freezers were full of goods. We salvaged whatever we could and had to dispose of the rest. Abdelhay Abushammala looks on at where his factory used to stand. He has suffered an estimated $800,000 in damages. There are only three or four facilities specializing in school furniture in Gaza. Our facility was one of them. We had up to 25 employees, depending on the season. Twisted metal and rubble, some with the business signs still up, are all that remains. I had 130 employees working for me. Now they're homeless, like me. The damage is significant and is estimated at $7 million. Without compensation, I'll be living on the streets after the war. Not only big business is suffering. Shady Al Madhoun ran a pop-up shop before the war. There's no equipment. There's nothing to sterilize the machines. There's no water. Even basic necessities for my trade are missing. Gaza's economy is in ruins. Israel has targeted and destroyed industries that employ tens of thousands of people. The economy will take years to recover. But the faster Israel's bombs stop falling, the faster the rebuilding can start. Tariq Abuzim, Al Jazeera, Deir el-Balah, Palestine.

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