Unemployment rate in the Palestinian Authority on the rise
The governor of the Palestinian Monetary Authority, Fouad Bsiso, has stated that the average rate of unemployment in the Palestinian territories is increasing, having reached 31 percent at times.
Quoted in Al-Bayan newspaper, Bsiso added that an average of 34,800 Palestinians join the local work force annually. Moreover, he said that the number of Palestinian workers employed in Israel has dropped to 44,000.
Bsiso has recently issued a paper presenting the Authority’s economic anticipation toward the declaration of the Palestinian state. The report painted a bleak picture as far as the Palestinian economy is concerned, concluding that the current conditions in the territories are worse than before 1992.
Besides for a higher rate of unemployment, the per capita income is lower, the poverty ratio is up, and the financial resources are down. In addition, Bsiso claims that the Israeli policy has caused the Palestinians more than $7 billion losses over the past seven years.
The governor announced that the monetary authority is ready to issue a Palestinian national currency, and is capable of functioning as a central bank once the Palestinian state is declared. He added that the establishment of an independent state involves meeting serious economic challenges, requiring collective efforts to overcome these obstacles. –(Albawaba-MEBG)