IMF: West Bank economy grows 8.5% in 2009
12 Apr 2010
(MENAFN) The International Monetary Fund said that the West Bank economy grew at a rate of 8.5 percent in 2009 because of Palestinian economic reforms, Israel’s easing of restrictions and generous international aid, Reuters reported
However, Gaza’s economy grew by just one percent in the same period, as Israel and Egypt maintained border closures tightened after Hamas seized power in June 2007, the IMF said in a new report.
The report praised the government of Prime Minister Salam Fayyad, himself a former IMF economist, and said the Palestinian Authority has continued to build a solid track record in institution-building and economic and security reforms, supported by generous (international) aid.
The report said that unemployment in the West Bank stood at 18 percent while in Gaza it reached 39 percent because of the closures.
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