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Gaza blockade responsible for $16B in economic damage, UN agency says

UN trade and development agency says Gaza economy "near collapse."

Israel’s military operations in the Gaza Strip and the ongoing blockade of the Hamas-ruled enclave have caused as much as $16.7 billion in economic damage, the United Nations said last week.

In a report submitted to the UN General Assembly, the UN Conference on Trade and Development (UNCTAD) put the estimated cumulative economic cost between 2007 and 2018 at $16.7 billion, a sum that is six times Gaza’s annual gross domestic product for 2018. The agency said the poverty rate reached 56% in 2017, compared to the expected 15% projected for that year were it not for the blockade and military operations.

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