Palestinian Economy in ‘Free Fall,’ Needs Billions to Repair: UN [Video]

The Palestinian economy is currently in “free fall” and will need billions of dollars to repair, the United Nations said this week.

On Thursday, Pedro Manuel Moreno, the deputy secretary-general of U.N. Trade and Development (UNCTAD), spoke to reporters in Geneva about the ongoing war between Israel and Hamas militants in Gaza, as well as about how the Palestinian economy is being affected.

UNCTAD released a report this week saying that there is “rapid and alarming economic decline” throughout the West Bank, amid the ongoing war.

“The Palestinian economy is in free fall,” Moreno said. “The report calls for the international community to halt this economic free fall, address the humanitarian crisis and lay the groundwork for lasting peace and development.”

Moreno noted that for the Palestinian economy to recover, it will need a “comprehensive recovery plan,” which includes the lifting of Israel’s blockade in Gaza and the release of hostages in the ongoing war. The …