The Israel-Hamas war in Gaza is having a severe impact on the Palestinian economy, the World Bank said Tuesday, adding that a sharp economic contraction is likely this year and next. Beyond the immediate human cost, the Israel-Hamas conflict has also "severely impacted the Palestinian economy," the World Bank said. Gaza's contribution to the overall Palestinian economy, which includes the West Bank, had already shrunk from around 36 percent in 2005 to just 17 percent last year, according to the Palestinian Central Bureau of Statistics. By contrast, consumer inflation in the West Bank rose by just 0.1 percent over the same period. In response to the conflict, the World Bank unveiled financial support on Tuesday to provide "emergency relief for the affected people of Gaza."

Source: Ethiopian News December 13, 2023 05:47 UTC