Economy of Gaza on ‘Verge of Collapse’ With World’s Highest Unemployment
Unemployment rates of 43 percent for Gaza’s general population and 60 percent for young people suggest a bleak future for Israel as well as Gaza.
The Guardian reports:
The economy of Gaza – assailed by war, poor governance and a joint Israeli-Egyptian blockade – has reached the “verge of collapse” with the coastal strip suffering the highest rate of unemployment in the world.
The bleak picture is presented in a devastating report by the World Bank, released on Friday, which said that Gaza’s economy had been strangled by years of blockades, war and poor governance and faces a dangerous crisis over its ability to meet wages and other spending requirements.
Calling for the “lifting of the blockade on the movement of goods and people to allow Gaza’s tradable sectors to recover” the report warned that about 43% of Gaza’s 1.8 million residents are unemployed, with youth unemployment reaching about 60% by the end of last year.
Continue reading here.
— Posted by Alexander Reed Kelly.Wait, before you go…
If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.
Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.Support Truthdig