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Gaza economy in ‘free fall’ and external aid won’t help, World Bank warns – Palestinians – Haaretz.com

External Aid Won’t Help, World Bank Warns
The Strip’s economic deterioration is accelerating, the report says: Every second Gazan lives in poverty and unemployment tops 70 percent

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The economy of the Gaza Strip is in “free fall,” with every second resident living in poverty, the World Bank warned in a report released on Tuesday. The Strip’s economy has contracted 6 percent in the first quarter of 2018, and its deterioration is accelerating, the report said.

The World Bank’s “Economic Monitoring Report to the Ad Hoc Liaison Committee” will be presented on Thursday at the committee’s meeting, which is held every two years. It is a policy-level meeting for development assistance to the Palestinians, comprised of donor countries to the Palestinian Authority.

>> Gunfire, bans, ship seizures: Israeli army is destroying a staple of Gaza’s economy

According to the report, unemployment in the Strip has topped 70 percent. While the main cause is Israel’s decade-plus-long blockade, other factors negatively impact the situation in Gaza. These include the PA’s move to reduce its monthly transfers to Gaza by $30 million, the U.S. decision to cancel financial support to the PA worth $50-$60 million and funding cuts to UNRWA, the UN agency that supports Palestinian refugees.

The report’s authors stress that the situation in the West Bank is not as dire as in Gaza, but that growth there is stalling and the West Bank economy is liable to slow significantly in the near future.

Sorgente: Gaza economy in ‘free fall’ and external aid won’t help, World Bank warns – Palestinians – Haaretz.com

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