The Israeli-Palestinian conflict in May 2021 caused damage worth 570 million U.S. dollars in Palestinian territories, the World Bank said, Trend reports citing Xinhua.
The report said that a Rapid Damage and Needs Assessment reveals up to 380 million dollars in physical damage and 190 million dollars in economic losses.
The report, which was made in conjunction with the European Union and the United Nations, added that recovery needs have been estimated at up to 485 million dollars during the first 24 months.
The report indicated that the social sectors were the most affected, and the housing sector alone represents about 93 percent of the total damage to the social sectors.
The World Bank country director for the West Bank and Gaza Kanthan Shankar said in a statement that with this assessment, "we hope to mobilize donors' support to help restore dignified living conditions and livelihoods in Gaza."
The report said that the Gaza Strip, home of more than 2 million Palestinians, "was already in a vulnerable economic situation when the COVID-19 broke out in March last year."
Shankar said that prior to the Israeli offensive waged on Gaza, the World Bank had projected that the coastal enclave's GDP would grow by 2.5 percent in 2021, but instead, it may contract by 0.3 percent.
The World Bank report showed that the rate of unemployment in the Gaza Strip has reached 50 percent, adding that 60 percent of the population are living below the poverty line.
On May 21, Egypt brokered a cease-fire between Israel and militant groups led by the Palestinian Resistance Movement (Hamas) in the Gaza Strip, ending 11 days of tension that killed more than 250 Palestinians and 13 Israelis.