The head of the IMF announced that the economy of the Gaza Strip has contracted by 80% since the beginning of the conflict

Kristalina Georgieva assured that the IMF will continue to provide consultancy and technical assistance to the Palestinian Authority.

Kristalina Georgieva.  Photo: The Truth Archive

Kristalina Georgieva. Photo: The Truth Archive

The latest escalation of the Palestinian-Israeli conflict has devastating consequences for the economy of the Gaza Strip, which shrank by 80% from October to December 2023. This was stated by the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, speaking at the World Government Summit in Dubai.

In economic terms, the impact of the conflict has been devastating both for the Gaza Strip, where activity fell by 80% from October to December (2023) compared to the same period last year, and for the West Bank, where the decline was 22%.Georgieva said.

The IMF Director General assured that the institution will continue to provide advice and technical assistance to the Palestinian Authority. “The bleak outlook for the Palestinian economy worsens as the conflict drags on – only lasting peace and a political solution can make a difference“, she added.

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