- The International Labour Organization (ILO) estimates a total of 192,000 jobs have been lost in the small Palestinian territory due to Israeli ground and air strikes.
- There has been an increase in employment loss from the first assessment in early November which recorded 182,000 job losses.
- The ILO Deputy Regional Director for the Arab states, Peter Rademaker, notes a significant decline in income-earning opportunities in Gaza.
- Employment issues are not only limited to Gaza but also extend to the Israeli-occupied West Bank, with a significant rise in job losses due to an increase in violence against Palestinians.
- The ILO estimates that around a third of employment has been lost since October 7.
- The war and the tightening of Israel’s economic blockade of the Gaza Strip have exacerbated poverty levels in the territory even before the conflict.
Impact of the Israeli-Palestinian Conflict on Employment
The International Labour Organization (ILO) has reported that the rate of job loss in Gaza City is alarming, with total losses amounting to over 192,000 positions due to the military activities of the Israeli forces. These actions were in response to a deadly invasion by Hamas militants on October 7.
Initial Estimations and Current Figures
The organization’s first evaluation in early November had approximated 182,000 job losses, which was an equivalent of a whopping 60% of the total employment. Unfortunately, these figures are constantly increasing. Peter Rademaker, the ILO’s Deputy Regional Director for Arab states, painted a grim picture by stating that very few people in Gaza currently have the opportunity to earn a living.
The West Bank Employment Situation
Besides Gaza, employment issues are also escalating in the West Bank, an area under Israeli occupation. The United Nations has documented increased aggression towards Palestinians since the conflict erupted. According to the ILO, an estimated 276,000 jobs, which represent 32% of total employment, have been lost since October 7.
Current Living Conditions in Gaza
The situation was already dire even before hostilities escalated and Israel heightened its economic sanctions on the Gaza Strip. Approximately 50% of Gaza’s residents, out of the total population of 2.3 million, were living below the poverty threshold.
This crisis in the job market, significantly in Gaza and West Bank, is likely to impact financial markets globally. Forex trading may witness fluctuations, particularly relating to assets connected to the Middle Eastern region.