Economic impact of the Israel–Hamas war: Difference between revisions
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===Gaza’s infrastructure and economy=== |
===Gaza’s infrastructure and economy=== |
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{{main|Economy of Gaza City}} |
{{main|Economy of Gaza City}} |
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The war has caused devastating damage to Gaza's infrastructure and economy.<ref name="auto">{{Cite news|url=https://www.reuters.com/world/middle-east/gaza-war-inflicts-catastrophic-damage-infrastructure-economy-2023-11-12/|title=Gaza war inflicts catastrophic damage on infrastructure and economy|newspaper=Reuters |date=November 12, 2023|via=www.reuters.com}}</ref> The war has resulted in upheaval and destruction on a scale never before seen in the enclave. The [[United Nations]] [[Office for the Coordination of Humanitarian Affairs]] (OCHA) reported that over 41,000 homes were destroyed and over 222,000 were damaged |
The war has caused devastating damage to Gaza's infrastructure and economy.<ref name="auto">{{Cite news|url=https://www.reuters.com/world/middle-east/gaza-war-inflicts-catastrophic-damage-infrastructure-economy-2023-11-12/|title=Gaza war inflicts catastrophic damage on infrastructure and economy|newspaper=Reuters |date=November 12, 2023|via=www.reuters.com}}</ref> The war has resulted in upheaval and destruction on a scale never before seen in the enclave. The [[United Nations]] [[Office for the Coordination of Humanitarian Affairs]] (OCHA) reported that over 41,000 homes were destroyed and over 222,000 were damaged.<ref name="OCHA0911">{{cite web |url=https://www.ochaopt.org/sites/default/files/Gaza_casualties_info-graphic_9_Nov_2023%20final.pdf |title= |newspaper=United Nations Office for the Coordination of Humanitarian Affairs |date=November 09, 2023 |author= |accessdate= November 17, 2023}}</ref> |
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The war also badly affected hospitals, schools, water and sanitation systems, and food security.<ref name="auto"/> |
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===Employment in Gaza=== |
===Employment in Gaza=== |
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Revision as of 20:53, 17 November 2023
The 2023 Israel–Hamas war has significant economic implications, not only for the involved parties but also for the global economy.
Gaza
Gaza’s infrastructure and economy
The war has caused devastating damage to Gaza's infrastructure and economy.[1] The war has resulted in upheaval and destruction on a scale never before seen in the enclave. The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) reported that over 41,000 homes were destroyed and over 222,000 were damaged.[2]
The war also badly affected hospitals, schools, water and sanitation systems, and food security.[1]
Employment in Gaza
The war caused significant job losses in Gaza. As the war reached its one-month mark, 61 percent of employment in Gaza, equivalent to 182,000 jobs, was estimated to have been lost.[3][4]
Israel
The war is costing the Israeli economy $600m a week due to work absences, according to the Bank of Israel. This is equivalent to about 6% of the weekly GDP.[5]
It has been estimated that if the war went on for eight to twelve months, the cost of the war to the Israeli economy would be more than $50bn, or close to 10% of GDP, according to Calcalist, citing early Ministry of Finance figures. The estimates assumes the conflict is limited to Gaza, without further escalation with other parties, and relies on the 350,000 drafted reservists returning to work soon.[6]
Lebanon
The olive trade in southern Lebanon, which is the main source of income for many, was halted as farmers stopped their harvests in fear of the active shelling.[7][8] According to the Minister of Agriculture, 40,000 olive trees were burned down by fires caused by IDF shelling.[9]
Brand boycotts
The brand boycott was a notable aspect of the war's economic implications. Brands such as McDonald's, Coca-Cola and Starbucks faced consumer boycotts over their support of Israel.[10]
Global economy
The conflict has the potential to plunge the global economy into recession.[11] War could have significant repercussions on Europe’s economic landscape, impacting it through reduced regional commerce, stricter financial regulations, escalated energy costs, and diminished consumer assurance. Goldman Sachs underscored that the most crucial and potentially impactful method that strain could permeate the European economy was via the petroleum and natural gas markets.[12]
References
- ^ a b "Gaza war inflicts catastrophic damage on infrastructure and economy". Reuters. November 12, 2023 – via www.reuters.com.
- ^ United Nations Office for the Coordination of Humanitarian Affairs. November 09, 2023 https://www.ochaopt.org/sites/default/files/Gaza_casualties_info-graphic_9_Nov_2023%20final.pdf. Retrieved November 17, 2023.
{{cite web}}: Check date values in:|date=(help); Missing or empty|title=(help) - ^ "Israel-Gaza war 'devastating' Palestine economy, UN warns". Al Jazeera.
- ^ "Gaza loses 61 percent of jobs in Israeli war: UN". AhlulBayt News Agency.
- ^ "War is costing economy some $600m a week due to work absence — Bank of Israel". Times of Israel.
- ^ "War with Hamas to cost Israel above $50 billion, Calcalist reports". Reuters.
- ^ Lebanon, William Christou ــ South (2023-10-21). "In Lebanon, war with Israel threatens the olive harvest". https://www.newarab.com/. Retrieved 2023-11-14.
{{cite web}}: External link in|website= - ^ Atallah, Nada Maucourant; Prentis, Jamie (2023-10-22). "South Lebanon farmers fear grim harvest if war breaks out". The National. Retrieved 2023-11-14.
- ^ Alkousaa, Riham; Alkousaa, Riham (2023-11-02). "Lebanon says fires destroy 40,000 olive trees, blames Israeli shelling". Reuters. Retrieved 2023-11-14.
- ^ Hendawi, Hamza; Oweis, Khaled Yacoub; Homsi, Nada (November 12, 2023). "Disillusion with the West amid Israeli strikes on Gaza fuels Arab boycott of brands". The National.
- ^ "Wider War in Middle East Could Tip the World Economy Into Recession". Bloomberg. October 12, 2023 – via www.bloomberg.com.
- ^ Smith, Elliot (November 3, 2023). "Goldman Sachs says the Israel-Hamas war could have major implications for Europe's economy". CNBC.
