Gaza's economy has been in tatters for months, now having shrunk to less than a sixth of its 2022 level, while violence and trade restrictions are fueling a massive surge in poverty and unemployment in the West Bank, UN Trade and Development (UNCTAD) warned in its report released Thursday.
The report highlighted the staggering scale of economic devastation and unprecedented decline in economic activity, far surpassing the impact of all previous military confrontations in 2008, 2012, 2014, and 2021. Inflationary pressures combined with soaring unemployment and collapsing incomes have severely impoverished Palestinian households.
Deputy Secretary-General of UNCTAD Pedro Manuel Moreno said at a press briefing in Geneva on Thursday that the economy in Gaza is in free fall. Up to 96 percent of the war-torn enclave's agricultural assets and 82 percent of all its businesses have been destroyed, according to UNCTAD's latest report.
Gaza's GDP has dropped by an alarming 82 percent in the last quarter of 2023 alone. This has led to a 22 percent contraction in GDP for the entire year, Moreno said.
Commerce has also taken a major downturn in the West Bank and East Jerusalem, where settlement expansions, violence and the demolition of buildings have led to businesses halting operations and skyrocketing unemployment levels, according to the report.
A total of 306,000 jobs have been lost in the West Bank, pushing the territory's unemployment rates from 12.9 percent before the conflict to 32 percent.
The situation in Gaza is particularly dire, with two-thirds of pre-war jobs lost by January 2024, the report said.
UNCTAD stressed in the report that prolonged occupation is a primary economic obstacle to sustainable development due to ongoing restrictions on investment, labor mobility, and trade.
In addition to the damage caused by the conflict, the decline of international aid and Israel's continued withholding of tax revenue for the Palestinians have worsened the Palestinian economic situation.
"The report calls for the international community to halt this economic free fall, address the humanitarian crisis, and lay the ground work for lasting peace and development. This includes considering a comprehensive recovering plan for the occupied Palestinian territory, increased international aid and support, release of withheld revenues and lifting the blockade on Gaza," Moreno said.
Economic crisis worsens in occupied Palestinian territories: UN report
Economic crisis worsens in occupied Palestinian territories: UN report
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
