Gaza’s economy shrank by more than 80 per cent in the fourth quarter of last year due to Israeli attacks, the World Bank has said, TRT World reports.

In a report, the bank said the Israeli war on the Palestinian enclave since October has resulted in massive loss of life and the effects of the conflict on the Palestinian economy have been consequential.

GDP plummeted from approximately $670 million in the third quarter to roughly $90 million in the fourth quarter, it said.

Stating that the Palestinian economy experienced one of the largest shocks recorded in recent economic history since the start of the war, the report said: “Almost all economic activity in Gaza has ground to a halt.”