World Bank forecasts worsening Palestinian economic crisis in 2024

Palestine

Published: 2024-01-11 14:24

Last Updated: 2024-04-16 21:20


World Bank forecasts worsening Palestinian economic crisis in 2024
World Bank forecasts worsening Palestinian economic crisis in 2024

The World Bank expects the Palestinian economic crisis to deepen this year, with a contraction of growth to 6 percent, surpassing the 3.6 percent contraction experienced in the previous year due to the ongoing Israeli Occupation aggression against Gaza.

In its latest report on the global economic outlook, the bank states that the assault on Gaza, the destruction of its economic facilities, and the worsening conditions in the occupied West Bank, including tightened restrictions on the movement of goods and people within and between Palestinian cities, will have negative effects on trade and production, further deepening the Palestinian economic contraction.

It is anticipated that a significant fiscal deficit will be recorded in the occupied Palestinian territories as local tax revenues dwindle and restrictions are imposed on clearance funds controlled by the Israeli Occupation.