December 21, 2020
1 min read

Palestine’s economy shrinks 12% amid pandemic

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

Canada suspends flights from UK

Latest from -Top News

WUC Intensifies Global Call for Uyghur Justice

WUC delegation undertook a week-long advocacy tour in Germany, where it met with Turkish NGOs and community leaders….reports Asian Lite News The World Uyghur Congress (WUC) has published its monthly brief, strengthening

India Urges Bangladesh to Act on Minority Attacks

MEA spokesperson Randhir Jaiswal urged the Yunus government to probe extremist attacks on minorities….reports Asian Lite News India on Friday criticised recent comments by Bangladesh’s Home Advisor Jahangir Alam Chowdhury, asserting that

Jaffar Express Targeted Yet Again

blast happened at a distance of one kilometre from the Sultan Kot railway station….reports Asian Lite News At least seven injured as blast hits Quetta-bound Jaffar Express in Sindh’s Shikarpur district. Shikarpur

India to Join G20 Energy Talks in South Africa

The meeting is being hosted under South Africa’s G20 Presidency in the country’s KwaZulu Natal province…reports Asian Lite News Union Power Minister Manohar Lal will represent India at the G20 Energy Transitions
Go toTop