Gaza – Gaza’s economy is on the “verge of collapse,” a new World Bank report warned Friday, saying the unemployment rate there is now the highest in the world and calling on Israel and international donors to remedy the situation.
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It charged that “blockades, war and poor governance have strangled” the economy of the Gaza Strip, ruled by the Islamic militant group Hamas.
The report said Gaza’s GDP would have been four times higher if not for conflicts and restrictions, including a blockade in place since 2007.
Israel and Egypt imposed the blockade on Gaza after Hamas violently seized the territory from forces loyal to the Western-backed Palestinian President Mahmoud Abbas. Israel says the blockade is necessary to prevent Hamas from getting weapons and building militant infrastructure, while critics say it amounts to collective punishment.
Since its takeover, Hamas has fought three wars with Israel, including 50 days of fighting last summer in which thousands of Gaza buildings were either destroyed or damaged. Over 2,200 Palestinians, including hundreds of civilians, were killed during the war. On the Israeli side, 67 soldiers and six civilians were killed.
The report said Gaza’s economy was badly hurt as a result of the fighting, especially the agriculture, construction, manufacturing and electricity sectors.
It said about 43 percent of Gaza’s 1.8 million residents are unemployed; a figure it said is the highest in the world. Youth unemployment reached about 60 percent by the end of last year, it said.
“The current market in Gaza is not able to offer jobs leaving a large population in despair particularly the youth,” Steen Lau Jorgensen, World Bank country director for the West Bank and Gaza, said in the report. “The ongoing blockade and the 2014 war have taken a toll on Gaza’s economy and people’s livelihoods.”
The report warned that the “status quo in Gaza is unsustainable.” It said the coastal territory’s recovery depends on an easing of the blockade and on donor countries honoring their pledges made at an international conference in Cairo after last year’s war.
Every few months for the past 10 years this headline gets repeated.
i agree #1 , but since the US feeds Gaza through the UN ultimately the US bears responsibility for it and moral responsibility for allowing UN offices to be used to kill Jews. Before Jews in the US celebrate memorial day, remember the US is the #1 funder of HAMAS and Palestinians through the UN, no US no Palestinian problem. Makes those who say terfillos for the US and who often profess themselves to be Zionists into hypocrites.
The chutzpah of the year award. Israel left Gaza ten years ago and has been fired on repeatedly. Now, Israel has to help them economically? Like Blacks coming to the aid of the KKK!
Most are employed by hamas so why help terrorism
‘Blockades, war, and poor governance’.
well, war and poor governance are whose fault? And blockades are because of war and poor governance, which even Egypt enforces. So now why should israel and other nations clean up this mess? ?????
I think I’m very stupid! This doesn’t make sense….Gaza is getting billions from the whole World to rebuild (which means jobs and more jobs) but they’re on the verge of collapse because the money is going into building tunnels into Israel and ammunitions to fight the Israelis? When will the Gazans and the World wake up to what’s going on??????
It already collapsed, this is a news article to help raise money. if they claim that it already collapsed, there is no sense of urgency. If they write it’s about to collapse, there would be some sense of urgency.
Gaza is a terrorist state. Why does the world care that if there is lack of employment and they are collapsing. This should be viewed as a good thing, and the world should press them to adopt a more pacific nature in order to receive charity. But no, the world is worried that the enemies of Israel are losing power…
EVERONE IS THERE not unemployed they all have jobs,,, to kill jews
Send money. The World Bank is a bank, no? Send money. The Saudis are building a $100 billion dollar city. THEY have money. So Pan-Arabism time. All the Arab countries should send money. Problem solved. Nobody needs a job, they’ll all have money. If the Arabs don’t send money, something is fishy…