The Palestinian economy is expected to continue operating well below its potential and growth is projected to hover around 3 per cent, according to a new World Bank report.
Given population growth trends, income per capita is also expected to stagnate, damaging living standards, the Washington-based lender said.
In addition, a combination of fiscal constraints and the restrictions imposed by Israel hinder access to health care, adversely affecting the population, especially in Gaza.
The Palestinian Economic Monitoring Report will be presented to the Ad Hoc Liaison Committee, a policy-level meeting for development assistance to the Palestinian people, in New York on Wednesday.
The report highlights the economic challenges facing the occupied Palestinian territories and describes the constraints affecting health services.
“Over the last five years, the Palestinian economy has basically been stagnating, and is not expected to improve unless policies on the ground change,” said Stefan Emblad, World Bank country director for the West Bank and Gaza.
“The Palestinian territories have been in a de facto customs union with Israel for 30 years, but contrary to what was expected when the agreements were signed, the divergence between both economies has continued to widen, with income per capita in Israel almost 14 to 15 times higher than in the Palestinian territories.
“Poverty rates are stubbornly high, as roughly one out of four Palestinians lives below the poverty line. Our report reminds all parties of the vital urgency to act to spur per capita growth, as well as to put the fiscal situation on a sounder footing,” Mr Emblad said.
Growth of the Palestinian economy will continue to slow this year, weighed down by a lack of reforms, a financial crisis and the worsening political and security situation, the International Monetary Fund said last month.
High unemployment and poverty are adding to macroeconomic fragilities of the occupied West Bank and Gaza that are largely dependent of foreign aid and grants, the fund said.
After the post-pandemic rebound in 2021, gross domestic product growth nearly halved to 3.9 per cent in 2022 and is expected to decelerate further to 3 per cent in 2023, according to the IMF.
Palestine's economy was driven by the recovery in private consumption as authorities eased coronavirus pandemic-related movement restrictions, the World Bank said in a report in May.
The Palestinian economy remains at high risk under a multilayered system of Israeli restrictions on movement and trade in the West Bank, a near-blockade of Gaza, an internal divide between the West Bank and Gaza, severe fiscal constraints and an unfinished reform programme of the Palestinian Authority and several years of declining foreign assistance, the World Bank said.
Public revenue has increased noticeably in 2023, however, expenditures have also continued to grow, mainly driven by a rising public wage bill.
“Taking into account the only partial implementation of recent agreements between the government and labour unions, and Israeli deductions from revenue collected on behalf of the Palestinian Authority of about $256 million, as well as donor contributions, the deficit is expected to reach $493 million in 2023 or 2.5 per cent of gross domestic product,” the World Bank said.
“Should labour agreements be fully implemented, the deficit would increase further, reaching 2.7 per cent of GDP.”
Financing options are becoming increasingly limited, and the deficit is expected to continue being financed through arrears with private suppliers, the public pension fund, and public employees (who have already been receiving only 80 per cent to 85 per cent of their wages since late 2021), the report outlined.
The relentless accumulation of additional arrears would – in the long run – affect market liquidity and could eventually choke economic activity, with devastating effects on poverty levels as well as on social stability, it added.
Reform efforts by the Palestinian Authority, more financial support from donors and co-operation by the Israel government are necessary to achieve growth and fiscal sustainability, the lender recommended.
The World Bank suggested that Israel must transfer revenue collected from Israeli businesses operating in Area C and value-added tax on Israel-Gaza trade to the PA, and fully implement the e-VAT clearance system through the adoption of legislation mandating its use.
The Israeli occupation, the fragmentation of the Palestinian territories, and the broader macro-fiscal context have also significantly impacted the Palestinian healthcare system, the report said.
Hot%20Seat
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Company%20Profile
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
PLAY-OFF%20DRAW
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Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
Sweet%20Tooth
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Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
If you go
The flights
Emirates (www.emirates.com) and Etihad (www.etihad.com) both fly direct to Bengaluru, with return fares from Dh 1240. From Bengaluru airport, Coorg is a five-hour drive by car.
The hotels
The Tamara (www.thetamara.com) is located inside a working coffee plantation and offers individual villas with sprawling views of the hills (tariff from Dh1,300, including taxes and breakfast).
When to go
Coorg is an all-year destination, with the peak season for travel extending from the cooler months between October and March.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
UAE%20Warriors%2033%20Results
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
In numbers
Number of Chinese tourists coming to UAE in 2017 was... 1.3m
Alibaba’s new ‘Tech Town’ in Dubai is worth... $600m
China’s investment in the MIddle East in 2016 was... $29.5bn
The world’s most valuable start-up in 2018, TikTok, is valued at... $75bn
Boost to the UAE economy of 5G connectivity will be... $269bn
COMPANY%20PROFILE
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SPEC%20SHEET%3A%20APPLE%20IPHONE%2015%20PRO%20MAX
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
It Was Just an Accident
Director: Jafar Panahi
Stars: Vahid Mobasseri, Mariam Afshari, Ebrahim Azizi, Hadis Pakbaten, Majid Panahi, Mohamad Ali Elyasmehr
Rating: 4/5
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Lewis Hamilton in 2018
Australia 2nd; Bahrain 3rd; China 4th; Azerbaijan 1st; Spain 1st; Monaco 3rd; Canada 5th; France 1st; Austria DNF; Britain 2nd; Germany 1st; Hungary 1st; Belgium 2nd; Italy 1st; Singapore 1st; Russia 1st; Japan 1st; United States 3rd; Mexico 4th
