Arab Today, arab today gaza facing dangerous fiscal crisis
Last Updated : GMT 16:00:45
Arab Today, arab today
Arab Today, arab today

World's highest unemployment

Gaza facing 'dangerous fiscal crisis'

Arab Today, arab today

Arab Today, arab today Gaza facing 'dangerous fiscal crisis'

Palestinian boy sits atop a destroyed house
Jerusalem - Arab Today

The Gaza Strip has the world's highest unemployment and Palestinians, Israelis and donors must take action to avoid a "dangerous fiscal crisis," the World Bank said Friday.

The report, prepared ahead of the bi-annual meeting of the Ad Hoc Liaison Committee (AHLC) which coordinates international donor support for the Palestinians, comes nearly a year after the 50-day conflict between Gaza militants and Israel, in which around 2,200 Palestinians were killed.

According to the World Bank, the virtual disappearance of Gaza's exports can be explained by no other variable than "war and the blockade."

"The impact of the blockade imposed in 2007 was particularly devastating, with GDP losses caused by the blockade estimated at above 50 percent and large welfare losses," the report said of the blockade imposed by neighbours Israel and Egypt.

The World Bank urged the Palestinian Authority, Israel and the donor community to take "actions" and carry out "reforms" in order "to reverse the recent and worrisome slowdown in economic growth" and "avoid a dangerous fiscal crisis."

The report said unemployment in Gaza increased in 2014 "to reach 44 percent -- probably the highest in the world," with the poverty rate in the Palestinian territory reaching 39 percent, despite the fact that nearly four of every five Gazans receive "some aid."

"Gaza's unemployment and poverty figures are very troubling and the economic outlook is worrying," the World Bank quoted Palestinian territories director Steen Lau Jorgensen as saying in a statement.

The World Bank said that to rebuild Gaza's economy, "a unified Palestinian government in both World Bank and Gaza" was required.

It called for the "lifting of the blockade on the movement of goods and people to allow Gaza's tradable sectors to recover."

The report said that of the $3.5 billion pledged by the international community for Gaza's reconstruction just 27.5 percent, or nearly $1.0 billion, had been disbursed so far.

But the lack of donor funds is not the "binding constraint on Gaza's recovery" rather "the limitations on imports of construction materials into Gaza."

"Therefore, taking into account legitimate security concerns of neighbouring countries, ways have to be found to drastically improve access to construction materials in Gaza," the report said.

Israel controls two of the three land crossings into Gaza and maintains a total air and sea blockade, closely monitoring construction materials into the Palestinian territory out of fear they could be used as weapons or to build attack tunnels.

The third land terminal, at Rafah on the border with Egypt, has been largely closed by Cairo since October when it also ordered its troops to create a buffer zone along the border and step up efforts to raze the network of cross-border tunnels.

The World Bank report will be presented to the AHLC on Wednesday in Brussels.
Source: AFP

arabstoday
arabstoday

GMT 18:31 2017 Saturday ,21 October

Global oil market improving, stabilizing

GMT 13:23 2017 Friday ,20 October

EU leaders approve first step

GMT 19:29 2017 Thursday ,19 October

IMF policies undermine human rights

GMT 19:13 2017 Tuesday ,17 October

GCC public debts reached to $415bn

GMT 10:22 2017 Sunday ,15 October

ADNOC strengthens energy partnership

GMT 17:02 2017 Saturday ,14 October

IMF, Spain warn on economic growth

GMT 05:05 2017 Saturday ,14 October

Saudi Aramco considering ‘range of options’

GMT 07:46 2017 Friday ,13 October

Canada still optimistic for new NAFTA
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gaza facing dangerous fiscal crisis Arab Today, arab today gaza facing dangerous fiscal crisis

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gaza facing dangerous fiscal crisis Arab Today, arab today gaza facing dangerous fiscal crisis

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today IS caliphate's end 'in sight' after Raqa fall

GMT 14:48 2017 Sunday ,22 October

IS caliphate's end 'in sight' after Raqa fall
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday