Palestinian economy lies 'in ruins' after 11 months of war in Gaza, UN says Gaza’s economy is in ‘ruins’ and less a sixth of the size it was before Israel launched a military campaign there more than 11 months ago in response to the deadly Oct. 7 attacks, the United Nations Conference on Trade and Development (UNCTAD) said in a report on Thursday. “The Palestinian economy is in freefall,” UNCTAD Deputy Secretary General Pedro Manuel Moreno told reporters.