The World Bank announced today, Thursday, that the poverty rate in the Gaza Strip reached 100%, and it rose in the West Bank from 12% to 28%, due to the consequences of the ongoing Israeli war on the Strip for about a year.
In a report entitled “Palestinian Economic Update,” the bank explained that inflation exceeded 250%, adding that the Palestinian territories witnessed a 35% decline in real GDP in the first quarter of 2024, which is “the largest ever.”
He said: “Gaza’s economy shrank by 86% during this period, while the West Bank’s economy shrank by 25%. Unemployment in the Palestinian territories reached record levels and exceeded 50%.”
The bank expected the Palestinian Authority’s financing gap to worsen, saying: “It is expected to reach $2 billion in 2024 (i.e. three times the gap in 2023), which poses serious risks to the provision of services and may lead to a systemic collapse.”
The bank warned of the increasing financial risks of the Palestinian banking sector, due to its high exposure to the public sector, which has reached historic levels.
Last updated: September 26, 2024 – 14:30
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2024-09-27 18:34:23