Gaza _ Palestine News Network
The World Bank has warned that the economy in the Gaza Strip has entered the phase of collapse, and that the basic services provided to its residents are "at risk."
The World Bank said in a report Tuesday, "the economic situation in the Gaza Strip is collapsing under the siege of a decade ago, and the shortage of liquidity in the recent period (...) , resulting in a worrying situation. "
One in every two people in Gaza suffers from poverty, and the unemployment rate among the sector´s predominantly young population is more than 70 per cent, he said.
The report noted that the negative growth rate in the Gaza economy was 6 per cent in the first quarter of 2018.
The World Bank attributed the reason to the Israeli blockade of the Gaza Strip, the recent punitive measures taken by the Palestinian Authority, and the United States of America´s cut-off of its financial aid for the Palestinians.
The World Bank is due to present its report to the meeting of the Special Committee on Humanitarian Assistance to the Palestinian people scheduled for New York on Wednesday.
For its part, the World Bank representative in the West Bank and Gaza Strip, Marina Wes, commented on the report´s findings by saying, "The factors of war, isolation, and internal strife, leaving Gaza´s economy in a state of paralysis, have exacerbated human distress."
"The economic and social situation in Gaza has been deteriorating for more than 10 years, but it has deteriorated sharply in recent months and has reached a critical point," she said. Growing feelings of frustration and disappointment are fuelling growing tensions, which are already widening into turmoil and hampering the human development of the large segment of youth in the sector. "
Wes noted that Palestinian human capital, dominated by young people and enjoying relatively high education, could be a source of immense potential, and that a renewed emphasis on job creation would be very fruitful in terms of economic development, adding, "Now is the time for all The parties concerned to unite and work together to create an appropriate environment that provides opportunities for these young people. "
Since the imposition of the Israeli blockade in 2006, the population of the Gaza Strip has suffered from economic and humanitarian conditions, which have been described by UN and international reports as the "worst" in the world, as a result of the closure of the occupation by all crossing points and border crossings that reach Gaza in the outside world through Egypt or the occupied Palestinian territories in 1948, except partially opened for the entry of some goods and passengers.
