Palestine’s economy shrinks 12% amid pandemic

December 21, 2020

In a bid to avoid the virus, the Palestinian authorities have imposed partial and comprehensive closure, especially in the second quarter of 2020, which affected the GDP…reports Asian Lite News

The Palestinian economy has recorded a decline of up to 12 per cent in 2020 because of the coronavirus pandemic, according to an official statement issued here.

In the joint statement, the Palestinian Monetary Authority and the Bureau of Statistics said that most economic activities have remarkably shrunk, which led to a significant decrease in the per capita income, reports Xinhua news agency.

In a bid to avoid the virus, the Palestinian authorities have imposed partial and comprehensive closure, especially in the second quarter of 2020, which affected the GDP.

“The total consumption in Palestine has declined by 6 per cent, while the investment has dropped by 36 per cent,” the statement said.

Meanwhile, Palestine’s trade volume reached $10 billion, down by 10 per cent year on year, it added.

However, it predicts that 2021 will witness a gradual return to normal economic activities, as the anti-coronavirus vaccine will soon become available in the Palestinian territories.

A World Bank report issued earlier this year said that after a fiscal crisis in 2019, the Palestinian economy was projected to slowly recover in 2020.

However, the Covid-19 outbreak has largely weighed on economic activity.

Also read:Egypt, Jordan, Palestine discuss M-E peace

Previous Story

Sudan, Ethiopia agree to resume border talks

Next Story

Saudi bans int’l flights amid new Covid-19 strain

Latest from -Top News

India Signals FTA with Oman

The talks for the free trade pact with Oman started in November 2023, and Goyal visited the Gulf country from January 27

Syria Strikes $7b Deal

The agreements, signed in the presence of Syrian leader Ahmed al-Sharaa, mark a total investment of 7 billion U.S. dollars…reports Asian Lite

More Killings in Palestine

Israeli occupation forces opened fire directly at hundreds of civilians as they attempted to reach an aid distribution centre in the al-Mawasi

Hamas Open to Fresh Talks

The movement said that it is ready to “immediately begin a round of indirect negotiations” to address the outstanding issues…reports Asian Lite