Economic Monitoring Report to the Ad Hoc Liaison Committee
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Washington, DC
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Palestinians are getting poorer on
average for the third year in a row. As evidenced in
previous World Bank reports, the competitiveness of the
Palestinian economy has been progressively eroding since the
signing of the Oslo accords, in particular its industry and
agriculture. Even though donor aid had increased
government-funded services and fueled consumption-driven
growth during 2007 to 2011, this growth model has proved
unsustainable. Donor support has significantly declined in
recent years and, in any case, aid cannot sustainably make
up for inadequate private investment. Thus, growth has
started to slow since 2012 and the Palestinian economy
contracted in 2014 following the Gaza war. In early 2015,
GDP was still lower than it was a year ago. Due to
population growth, real GDP per capita has been shrinking
since 2013. Unemployment remains high, particularly amongst
Gaza’s youth where it exceeds 60 percent, and 25 percent of
Palestinians currently live in poverty. Against the backdrop
of weak economic growth, reduced donor aid, and temporary
suspension of revenue payments by the Government of Israel
(GoI), the Palestinian Authority’s reform efforts have not
been able to prevent another year with a financing gap. The
persistence of this situation could potentially lead to
political and social unrest. In short, the status quo is not
sustainable and downside risks of further conflict and
social unrest are high.
Palabras clave
DEFICIT, MONETARY POLICY, PLEDGES, GOVERNMENT EXPENDITURES, EQUIPMENT, ECONOMIC GROWTH, ACCOUNTING, DEPOSITS, STOCK, PRIVATE LENDING, VALUATION, FISCAL DEFICITS, DOMESTIC BORROWING, GOVERNMENT INVESTMENTS, PUBLIC INVESTMENTS, FINANCIAL DISTRESS, PRIVATE CREDIT, EXCHANGE, GOVERNMENT REVENUES, BANKING SYSTEM, LOCAL GOVERNMENTS, LIQUIDITY, DEVELOPING COUNTRIES, TAX COLLECTION, REVENUES, MORTGAGE, CAPACITY BUILDING, TAX SYSTEMS, TAX, CASH TRANSFER, INCOME TAX, NON-PERFORMING LOANS, PENSION SYSTEM, PLEDGE, BENEFICIARIES, INFLATION, PENSION, DEFICIT FINANCING, POLITICAL RISKS, BUDGET, CENTRAL BANK, HEALTH SECTOR, INVESTMENT SPENDING, CURRENCY, LOCAL BANKS, GOVERNMENT POLICY, DISBURSEMENT, PARTIAL CREDIT, PORTFOLIOS, PUBLIC FUNDS, FINANCES, EXCHANGE RATES, RECURRENT EXPENDITURES, INDIRECT COSTS, DEBT, MARKETS, PRIVATE INVESTMENT, LOCAL GOVERNMENT, DEFICITS, INTERNATIONAL DEVELOPMENT, PUBLIC FINANCE, BUDGET DEFICIT, BUDGET DEFICITS, INCOME LEVELS, LOANS, TAX COLLECTIONS, REGULAR PAYMENTS, LEGAL FRAMEWORK, MONETARY AUTHORITY, FINANCE, BANK FINANCING, DOMESTIC BANK, PUBLIC INVESTMENT, TAXES, BANKING SECTOR, FISCAL DEFICIT, EXPENDITURE, INTERNATIONAL STANDARDS, EQUITY, INVESTORS, REGULATORY FRAMEWORKS, GOOD, TAX RATE, FUTURE, PENSIONS, FISCAL BURDEN, FIXED CAPITAL, BUDGETS, PUBLIC EXPENDITURES, GOVERNMENT REVENUE, EXPENDITURES, DISBURSEMENTS, PROPERTY, CURRENT ACCOUNT DEFICIT, LOCAL GOVERNMENT REVENUES, INSTITUTIONAL CAPACITY, MARKET, POLITICAL UNCERTAINTY, CREDIT GUARANTEE, TREASURY, SOLVENCY, REFORM AGENDA, INSURANCE, CURRENCIES, ECONOMIC DEVELOPMENT, TRADE SECTORS, GOODS, RECURRENT DEFICIT, SECURITY, INVESTMENT, DOMESTIC ARREARS, SHARE, PUBLIC FINANCES, POVERTY, LENDING PORTFOLIOS, PRIVATE INVESTORS, DECENTRALIZATION, REVENUE, PROFIT, INVESTMENTS, LENDING, CHECK, TRUST FUND, PENSION FUND, EXCHANGE RATE, PUBLIC SPENDING, CAPITAL INVESTMENT, COMMODITY PRICES, LIABILITIES, ARREARS, CREDIT HISTORY, GUARANTEE