🇵🇸 Palestine

Palestine comprises the West Bank and Gaza Strip, home to about 5.4 million people with a GDP that was about $19 billion before the devastating conflict that began in October 2023. Gaza (2.3 million people in 365 square kilometers, one of the most densely populated places on earth) has been catastrophically damaged. The West Bank operates under a patchwork of Palestinian Authority and Israeli military control. Palestine is recognized as a state by about 140 UN member countries. The economy has been shaped by occupation, movement restrictions, and periodic conflict for decades. East Jerusalem, claimed as the Palestinian capital, is under Israeli control.

The Palestinian economy is heavily dependent on Israel — about 150,000 Palestinians worked in Israel and settlements before the conflict, and their wages were a major income source. Agriculture (olives, citrus, vegetables), stone quarrying, and services are the main sectors. Foreign aid has been critical — the PA receives about $1 billion annually from international donors. Gaza's economy was already under blockade since 2007, with unemployment above 45%. The conflict has caused catastrophic economic damage estimated in the tens of billions.

Palestine's Jericho is one of the oldest continuously inhabited cities in the world — archaeological evidence dates settlement to about 9000 BC. The Dead Sea (shared with Israel and Jordan) is shrinking by about 1 meter per year. Palestinian olive oil is among the finest in the world — some olive trees in the West Bank are over 1,000 years old.

Palestine's economic and humanitarian situation is catastrophic following the 2023 conflict. Reconstruction of Gaza alone will cost tens of billions and take years. The political resolution that would enable genuine economic development remains as distant as ever.