Income Stagnation and Worsening Living Standards Continue For Palestinian Families

[Little Tich]

Source: the World Bank, September 14, 2016

Private investments are amongst the lowest in the world due to restrictions

JERUSALEM, September 15, 2016 – The prolonged period of slow economic growth has resulted in persistently high unemployment and stagnation in the average income of Palestinian citizens, according to the latest World Bank report on the Palestinian economy. The economy will not be able to reach its potential without a peace resolution but meaningful steps can avoid further deterioration.

The World Bank economic report will present its findings to the Ad Hoc Liaison committee (AHLC), a policy-level meeting for development assistance to the Palestinian people, on September 19, 2016 in New York.

“The Palestinian economic outlook is worrying with serious consequences on income, opportunity, and well-being. Not only will it affect the Palestinian Authority’s capacity to deliver services to its citizens, it may also lead to wider economic problems and instability,” said Marina Wes, Country Director for West Bank and Gaza.

The report states that, over the last decade, the Palestinian Authority’s (PA) fiscal consolidation efforts led to a decline in the deficit by 15 percent of GDP – an achievement rarely seen in other places around the world. Nevertheless, the PA’s finances remain fragile with declining budget support leading to a projected financing gap of about US$600 million in 2016.

Read more: http://www.worldbank.org/en/news/press-release/2016/09/15/income-stagnation-and-worsening-living-standards-continue-for-palestinian-families

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Economic monitoring report to the ad hoc liaison committee : main report (English)
Source: World Bank, 2016/09/19
http://documents.worldbank.org/curated/en/474311473682340785/main-report