The World Bank revealed the beginning of signs of recovery on the Palestinian economy, and attributed this to the improvement in economic activity in the West Bank. However, the Gaza Strip still suffers from very severe economic conditions, with a significant increase in unemployment rates and a deterioration in social conditions. In the current economic context, there is uncertainty about the future prospects in light of the limited sources of sustainable growth.
This came in the Palestinian Economic Monitoring Report submitted to the Special Liaison Committee, which will be presented in Oslo, Norway, at a policy-level meeting on development aid provided to the Palestinian people. The report sheds light on the major challenges facing the Palestinian economy in general, and more specifically on the economic performance and development needs of the Gaza Strip.
Commenting on the report, Mr. Kanthan Shankar, the World Bank Country Director for West Bank and Gaza, emphasized that “the current consumption-led growth in the West Bank is attributed to the recovery after the Coronavirus crisis (Covid-19).
The Palestinian economy still suffer from restrictions on movement, access and trade, which are the biggest barriers to investment and market access. This economy lacks growth engines that produce sustainable positive effects on the economy and living conditions. In addition, the upcoming path is still clouded by a state of uncertainty, and depends on all parties taking coordinated efforts to revive the economy and provide job opportunities for young people.
Source (Ad-Dustour Newspaper-Jordan, Edited)
