The economy of Gaza may take up to 350 years to return to pre-war levels, according to a report by the United Nations Conference on Trade and Development (UNCTAD). The British newspaper The Guardian reported that the prolonged conflict between Israel and Hamas has led to a “complete collapse” of Gaza’s economy.

In a report submitted to the UN General Assembly concerning the economic costs of the war, it was revealed that since the conflict erupted on October 7 of last year, Gaza’s remaining economy and infrastructure have been almost entirely destroyed. The economy, already fragile before the war, is now stagnant, struggling to provide even the most basic humanitarian medical and food services amidst severe shortages of water, electricity, and fuel.

The construction sector has seen a staggering 96% drop in output, while agricultural output has decreased by 93%, manufacturing by 92%, and services by 76%. The unemployment rate has skyrocketed to 81.7% in the first quarter of 2024, potentially worsening further due to ongoing military actions.

The report highlights that “to resume the growth trend observed from 2007 to 2022, Gaza would need 350 years to raise its GDP to the levels seen in 2022” after achieving a ceasefire.

In the meantime, U.S. Secretary of State Antony Blinken reiterated on the 22nd his call for Israeli leaders to commit to a ceasefire in Gaza, as the northern region continues to suffer from violence while residents urgently need assistance. This statement comes amid ongoing Israeli attacks on Lebanon.

Since Hamas launched its assault on Israel over a year ago, sparking the Gaza war, this marks Blinken’s 11th trip to the Middle East. This visit also follows heightened tensions from a conflict involving Israel and Iran-backed Hezbollah last month.

During a meeting with Israeli President Isaac Herzog in Tel Aviv, Blinken stated that the recent killing of Hamas leader Yahya Sinwar by Israeli forces has created an “opportunity” for a Gaza ceasefire and for the release of Israeli hostages.

“I firmly believe that Sinwar’s death indeed presents a significant opportunity for the return of Israeli hostages, the end of the war, and the assurance of Israel’s security,” Blinken declared.

Furthermore, Washington has warned that if Israel does not swiftly improve the access of humanitarian aid into Gaza, the U.S. may consider suspending certain military assistance to Israel.