World Bank warns Gaza economy facing “immediate collapse”

The Gaza Strip’s economy is in “free fall,” a report from the World Bank warned Tuesday, calling for urgent action by Israel and the international community to avoid “immediate collapse.” According to the report, Gaza’s economy contracted by 6 percent in the first quarter of 2018. It said unemployment is now over 50 percent — and over 70 percent among Gaza’s youth.

The World Bank cited various factors, starting with Israel’s decade-long blockade against the territory’s militant Hamas rulers, for the precarious downturn. It also cited budget cuts by the rival Palestinian Authority and a reduction in international aid to the Palestinians, particularly from the United States.

World Bank warns Gaza economy facing “immediate collapse” CBS

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