The moment long feared is fast approaching in Gaza, according to a new report by the World Bank. After a decade-long Israeli blockade and a series of large-scale military assaults, the economy of the tiny coastal enclave is in “freefall”.
At a meeting of international donors in New York on Thursday, coinciding with the annual meeting of the United Nations General Assembly, the World Bank painted an alarming picture of Gaza’s crisis. Unemployment now stands at close to 70 per cent and the economy is contracting at an ever faster rate.
While the West Bank’s plight is not yet as severe, it is not far behind, countries attending the Ad Hoc Liaison Committee were told. Gaza’s collapse could bring down the entire Palestinian banking sector…
In fact, the main parties that could make a difference appear intent on allowing the deterioration to continue. Read the rest of this entry »
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