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  • 19-09-22

    World bank: Palestine's economy outlook to expand 3.5 percent this year

    (MENAFN) The Palestinian economy, which is massively dependent on foreign aid and grants, is estimated to expand by 3.5 percent this year.

    This is triggered by the sustained regain in private intake after the full softening of Covid-19-related limitations, and a surge in the figure of Palestinians being employed in Israel, a recent report from the World Bank has shown.

    The estimation, however, is less than the 7.1 percent financial expansion registered by Palestine last year and the 5.7 percent real gross domestic product expansion in the January-March period of 2022.

    The World Bank stated that “In 2022, growth in the Palestinian territories is projected to slow down, as the low base effect weakens, public consumption declines and inflationary pressure persists."

    In line with the statement, “If prices continue to rise at the rates tracked so far in 2022, households could face average total increases of up to 80 per cent in the cost of bread, flour and vegetable oil between January 2022 and January 2023.”

    It continued: “Consumption patterns indicate that these price shocks will harm poorer households relatively more than wealthier deciles of the population.”

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