Gaza Strip economy in ‘free fall’ – World Bank

The Gaza Strip’s economy is in “free fall,” a report from the World Bank warned on Tuesday. It also called for urgent action by Israel and the international community to avoid “immediate collapse.” Gaza’s economy contracted by six percent in the first quarter of 2018, according to the report. It said unemployment is now over 50 percent – and over 70 percent among Gaza’s youth. Identifying factors that have lead to the downturn, the World Bank cited Israel’s decade-long blockade against the territory’s militant Hamas rulers, budget cuts by the rival Palestinian Authority, and a reduction in international aid to Palestinians, particularly from the US. “A combination of war, isolation, and internal rivalries has left Gaza in a crippling economic state and exacerbated the human distress,” AP quoted Marina Wes, the World Bank’s director for the region, as saying.