GAZA CITY, Gaza Strip — Economists say the Gaza Strip's economy has entered a phase of total collapse as the Israeli blockade continues into its 11th year and the Palestinian Authority (PA) in the West Bank has failed to lift sanctions, despite what Gazans hailed as a promise of relief weeks ago.
Gazans are strapped for cash and markets are suffering from an unprecedented recession. Last month, some economic experts called on Gazan citizens living abroad and businessmen to send money to their families in Gaza in the hope of improving the economy and stopping its collapse. Business-media organizations started an Arabic hashtag that translates into #Transferyourmoney. Meanwhile, on Dec. 30, for the first time in many years, shops in the southern Gaza Strip closed to protest the poor economic conditions.
