Gaza faces an irreversible economic collapse, a World Bank report

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World Bank: Gaza faces “irreversible” economic collapse

Friday July 13, 2007 10:23 by john smith - IMEMC & agencies

The World Bank has indicated in a recent report that the Gaza Strip faces an “irreversible” and complete economic collapse if the financial, military and political embargo placed on the region is not lifted.

In a report published on Thursday, the organisation indicated that, other than the recent opening of a number of smaller crossings to allow the flow of humanitarian aid into the region – barely enough to avert a humanitarian catastrophe in the area – the economy of the Strip has been devastated by the repeated and extended closure of all commercial border crossings.

The organization highlighted the necessity of a solution in the near future, stating that, without a settlement, the 1.5 million residents of Gaza faced an incredibly bleak future.

"A solution must be reached very soon, if not immediately... Otherwise, Gaza's dependence on humanitarian assistance could become a long-term and comprehensive situation. These impacts will be difficult to reverse," Faris Hadad-Zervos, the World Bank's acting country director for the West Bank and Gaza, warned.

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