Israel's blockade of the Gaza Strip cost the enclave more than $16bn and pushed over one million people below the poverty line in just more than 10 years, according to a new report issued by the United Nations Conference on Trade and Development (UNCTAD) covering the years between 2007 and 2018.

The report said that situation in the strip had deteriorated dramatically in the 11 years since Israel imposed its blockade, which followed the victory of Hamas in the 2006 elections.

"The estimated cumulative economic cost of the Israeli occupation in Gaza under the prolonged closure and severe economic and movement restrictions and military operations would amount to $16.7 billion between 2007 and 2018," it highlighted.

This estimates the cost to be six times Gaza’s Gross Domestic Product (GDP) in 2018 or 107% of the total Palestinian GDP, it underscored.

Therefore, "Gaza has witnessed one of the worst economic performances globally," the report added, pointing out that Gaza's economy grew by less than five percent between 2007 and 2018.

At the same time, its per capita GDP shrank by 27% and unemployment soared by 49%.

The report stresses the urgent need to end the closure of Gaza so that Gazans can freely trade with the rest of the occupied Palestinian territory and the world.

It emphasizes the urgency of restoring Palestinians’ right to free movement for business, medical care, education, recreation, and family ties.