World Bank Tallies Up War’s Ruinous Cost for Palestinian Economy
- Nearly half a million jobs were lost since start of conflict
- Palestinian economy seen shrinking 6.5%-9.4% in 2024
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The Palestinian economy is suffering a “severe blow” as a result of the war in Gaza, facing a widening financing gap alongside deteriorating growth and dire job losses, according to estimates by the World Bank.
The Palestinian Authority’s financing gap is expected to nearly double to as much as $1.2 billion in 2024 from $682 million last year, according to an updated report published by the Washington-based institution. That heightens “the risk of disorderly adjustments and a potential imminent fiscal collapse,” it said.