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Home World Middle East

Palestinian economy facing unprecedented crisis: World Bank

16 December 2024
in Middle East
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Palestinian economy facing unprecedented crisis: World Bank
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The war in the Palestinian territories is devastating the local economy, with economic output in Gaza plummeting by 86 percent and in the West Bank by 23 percent, leading to a projected 26 percent contraction this year. The ongoing conflict has caused a collapse of basic services, skyrocketing poverty, and food insecurity for 91 percent of Gaza’s population, with significant disruptions in communication networks and a sharp rise in inflation. Israel’s retaliatory offensive has resulted in a high number of civilian casualties, exacerbating the crisis in the region.

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Tags: BankCrisisEconomyfacingPalestinianunprecedentedworld
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