Gaza is facing a 'dangerous fiscal crisis'
#GazaAftermath
World Bank report says action must be taken now to avoid crisis
AFP
Friday 22 May 2015 04:28 BST
Last update:
Friday 22 May 2015
JERUSALEM - 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.
- See more at: http://www.middleeasteye.net/news/gaza-facing-dangerous-fiscal-crisis-world-bank-121046292#sthash.OgRpx7vk.dpuf
