World Bank: Palestinian economy near collapse

2024-10-16T15:20:29+00:00

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Shafaq News/ The World Bank reported, on Wednesday, that the ongoing conflict in the Middle East has caused severe human and economic losses, pushing the Palestinian territories to the brink of economic collapse.

In its semi-annual report on the region’s economic outlook, titled “Growth in the Middle East and North Africa”, the Bank highlighted that the Palestinian territories are experiencing their worst contraction in history. Gaza’s economy shrank by 86% in the first half of this year, and the West Bank is facing an unprecedented public financial crisis affecting the private sector as well.

The report also mentioned Lebanon’s uncertain future amidst the conflict, while neighboring countries like Jordan and Egypt are grappling with reduced tourism revenues and fiscal challenges.

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