The World Bank reports that the Palestinian economy is expected to contract by as much as 8% by the end of the year, in a slight improvement over previous estimates.
The Palestinian economy faces three main crises, according to the report: a second wave of coronavirus, a severe economic slowdown, and the protracted political crisis between the Palestinian Authority and Israel, which began over Israel’s previous pledge to annex parts of the West Bank.
While the annexation plans have since been suspended, the PA has not yet agreed to resume collecting tax revenues from Israel — a large portion of its budget — which it refused to accept as an act of protest.
The World Bank had previously estimated in June that the Palestinian economy could contract by 11% by the end of 2020.
Debt as a percentage of the Palestinian gross domestic product (GDP) could grow by as much as 20%, the international financial institution estimates.
— Aaron Boxerman
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From the Liveblog of
Thursday, October 22, 2020
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