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Friday, May 22, 2015

World Bank: Gaza Economy on the Verge of Collapse, Youth Unemployment Highest in the Region at 60 Percent

Blockades, war and poor governance have strangled Gaza's economy and the unemployment rate is now the highest in the world according to the latest World Bank economic update.

The report estimates that Gaza’s GDP would have been about four times higher than it currently is if it weren’t for the conflicts and the multiple restrictions. It also states that the blockade in place since 2007 has shaved around 50 percent off Gaza’s GDP. Unemployment in Gaza is the highest in the world at 43 percent. Even more alarming is the situation of youth unemployment which soared to more than 60 percent by the end of 2014.

Gaza’s unemployment and poverty figures are very troubling and the economic outlook is worrying. The current market in Gaza is not able to offer jobs leaving a large population in despair particularly the youth,” said Steen Lau Jorgensen, World Bank Country Director for West Bank and Gaza.

Full Press Release
http://www.worldbank.org/en/news/press-release/2015/05/21/gaza-economy-on-the-verge-of-collapse

Executive Summary
http://pubdocs.worldbank.org/pubdocs/publicdoc/2015/5/227791432238337108/mena-ahlc-report-eng.pdf

Full Report
goo.gl/jchDAg

Gaza economy 'on verge of collapse', with world's highest unemployment
http://www.theguardian.com/world/2015/may/22/gazas-economy-on-verge-of-collapse-jobless-rate-highest-in-world-israel

World Bank: Gaza facing 'dangerous fiscal crisis' 

http://maannews.com/Content.aspx?id=765559

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