Gaza's Economy "on Verge of Collapse"
Repeated rounds of conflict, internal divisions and the embargo Israel and Egypt impose have left the territory "on the verge of collapse", the report sad, with its 1.8 million population facing poverty and destitution despite vast aid.
"Blockades, the Israeli attacks and poor governance have strangled Gaza's economy and the unemployment rate is now the highest in the world," said the report, drafted by Steen Lau Jorgensen, the World Bank's director for Gaza and the West Bank.
It is to be presented in Brussels on May 27.
"Gaza's exports virtually disappeared and the manufacturing sector has shrunk by as much as 60 percent. The economy cannot survive without being connected to the outside world."
Among the startling statistics cited in the report are:
* Overall unemployment now stands at 43 percent and 68 percent among those aged 20-24.
* Gaza's current real GDP is only a couple of percentage points higher than it was 20 years ago. Over the same period, the population has increased by 230 percent.
* Last year's attacks by Israel led to a 15 percent contraction in GDP for the year.
* Real per capita income in Gaza is now 31 percent lower than it was in 1994.
* Between 1994 and 2012, Gaza's manufacturing sector, which should be the driver of the economy, shrank by 60 percent.
Source: World Bulletin
