Gaza economy ‘on verge of collapse’: Israeli officials

The economy of the Gaza Strip is on the verge of total collapse, Israeli security officials have warned.

According to Israeli daily Haaretz on Monday, security officials and military officers have voiced concern about the deteriorating situation in the Palestinian territory.

One security officer said Gaza economy was "like from zero to below zero" and so is the enclave's civilian infrastructure.

Haaretz said Israeli politicians were acting as if military pressure can continue on Gaza, ignoring the worsening economic situation in the strip.

"In the long term, continually deteriorating infrastructure brings the risk of an uncontrollable blow-up in the Strip," the daily said.

The newspaper pointed out that the number of trucks crossing the Kerem Shalom crossing between Gaza and Israel dropped by half due to the decline in the purchasing power of the Palestinians living in Gaza.

It said about 95 percent of Gaza's water was undrinkable and that unemployment was inching toward 50 percent and was even higher among young people.

Home to nearly two million Palestinians, the Gaza Strip has been reeling under a crippling siege by Israel since 2007.