In 2014, the economy of the Occupied Palestinian Territory witnessed the first recession since 2006 and the second consecutive decline in gross domestic product (GDP) per capita. In addition, the number of Israeli settlers has quadrupled since the Oslo Accords in 1993 and 1995; presently they outnumber Palestinians in Area C, which represents 61 per cent of West Bank area. During the first four months of 2015, Israel once again withheld Palestinian clearance revenue, which represents 75 per cent of total revenue. The ensuing liquidity crisis slowed economic activities and will weigh down GDP growth in 2015. The Gaza Strip endured the third conflict with full-scale military operation in six years, coming on top of eight years of economic blockade. Reconstruction efforts are extremely slow relative to the magnitude of devastation, and Gaza’s local economy did not have a chance to recover. Socioeconomic conditions are at their lowest point since 1967.
Despite limited resources, UNCTAD delivered technical cooperation, training and advisory services to the Palestinian public and private sectors, and successfully completed a project on developing Palestinian trade facilitation capacity. UNCTAD’s efforts were acknowledged by the General Assembly of the United Nations in resolution 69/20.