World Bank: Palestinian economic growth dropped in 2012

March 12, 2013 02:47

The Palestinian Authority had a $1.7 billion deficit in 2012 as economic growth dropped and unemployment rose, according to a World Bank report published Tuesday in advance of a March 19 international donor conference in Brussels.

The report warned that the situation would only worsen in 2013 if the Israeli-Palestinian conflict continued and if better business practices were not put in place.It particular, it noted that the manufacturing sector needs to grow and expand into higher value-added items, such as technology and pharmaceuticals.

Palestinians must also send products to a much wider list of countries, rather than depending almost entirely on Israel to be their main trading partner.

In 2011, according to the report, 86 percent of Palestinian exports went to Israel.

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