Huge economic cost from Gaza conflict
- 10 years ago
The economic cost of the Gaza fighting is being counted by both Israel and the Palestinians.
Israel saw tourists frightened away, consumer spending slowed as people stayed indoors and manufacturing fell.
The central bank has estimated the conflict will knock half a percent off Israel’s economic growth this year and has cut interest rates to try to compensate.
Some economists say the country may even slip into recession.
Places like Bethlehem – which is not in Gaza but in the West Bank – have also experienced a fall in visitors and the tourism industry is vital to the Palestinian economy.
Tourism Minister Rulah Ma’ayah lamented: “We had many cancelations during this month – the month of August, and last month, in July. We had a decrease in the number of tourists arriving to Palestine, and the decrease was up to 60 to 65 percent.”
In Gaza itself the authorities calculate the cost of rebuilding will be as much as six billion euros.
The Palestinian Center for Human Rights said 54
Israel saw tourists frightened away, consumer spending slowed as people stayed indoors and manufacturing fell.
The central bank has estimated the conflict will knock half a percent off Israel’s economic growth this year and has cut interest rates to try to compensate.
Some economists say the country may even slip into recession.
Places like Bethlehem – which is not in Gaza but in the West Bank – have also experienced a fall in visitors and the tourism industry is vital to the Palestinian economy.
Tourism Minister Rulah Ma’ayah lamented: “We had many cancelations during this month – the month of August, and last month, in July. We had a decrease in the number of tourists arriving to Palestine, and the decrease was up to 60 to 65 percent.”
In Gaza itself the authorities calculate the cost of rebuilding will be as much as six billion euros.
The Palestinian Center for Human Rights said 54