Hopes Rise for Palestinian Economy

Hopes are rising that 2013 will see a significant improvement in Palestine’s economy after the disappointments of last year. US Secretary of State John Kerry’s pledge to find new ways to promote development in the West Bank, Gaza and East Jerusalem is, despite widespread scepticism, also furthering this optimism, not least because he has recognised that this must go hand-in-hand with promoting a sovereign Palestinian state.

Palestine’s Minister of Economy, Jawad Naji Awad Hirzallah, told the Arab media in April, after US President Barack Obama’s visit to Tel Aviv, Jerusalem and Ramallah in March, that “We expect the growth rate in 2013 to be 5 to 6 percent. Against a backdrop of negative economic conditions,” he added, “ this is a good indication of growth.” Last year, Palestine’s services sector, including retail trade and tourism, grew by a remarkable 13.2 per cent, while construction was up 6.5 per cent and information and communications (ICT) 5.9 per cent.

 Not everyone, like this couple in Ramallah, can afford a BMW, but their is a hunger for the luxuries of modern life.  Photo:  Reuters

Not everyone, like this couple in Ramallah, can afford a BMW, but there is a hunger for the luxuries of modern life. Photo: Reuters.

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The Nakba, and the Future

Today, as we mark the 65th anniversary of the Nakba (i.e. the displacement of hundreds of thousands of Palestinians from their homeland, villages, towns and cities in 1948), it’s important to remember, too, that one of the greatest achievements of Palestinians, wherever they are, is their resilience. It’s an inspiration to us all, especially in these times of austerity, war and oppression, not to mention climate change.
Palestine & the Palestinians, Full A Palestinian refugee in Jordan, after the Israeli occupation of the West Bank, 1967. Photo: UNRWA.

In the case of Palestine’s economic achievements, this involves yet more hundreds of thousands of younger generations of professionals, writers, business entrepreneurs, academics, journalists, artists and filmakers who have thrived in the diaspora these past decades, often despite great disadvantage, i.e. in the US, Europe, Latin America and the Arab world, and who are now giving us the benefit of their talents.

So, too, the indomitable spirit of those who keep steadfast in the West Bank, Gaza and East Jerusalem, as well as in the Galilee. Which is why, as this website is often pointing out, Palestine is a such a great place to invest…financially, culturally, socially, artistically.

A culinary journal through Gaza's rich heritage.  Photo:  Just World Books

A culinary journal through Palestine’s rich heritage. Photo: Just World Books.

Whether it’s the extremely attractive valuations (and high dividends) many of the 48 companies listed on the Palestine Securities Exchange currently provide; the impressive growth of the Palestinian economy (5.9 per cent in 2012); the arrival of international brands in sparkling new shopping centres; the increasing spread of pro-Palestinian campus dissent in the US (which is objecting to the activities of their institutions and global corporations which support the Israeli occupation as well as encouraging them to invest, instead, in the West Bank, Gaza and East Jerusalem); the amazing turnout for the Palestine Film Festival here in London these past two weeks, or the great reception for the new book, The Gaza Kitchen, there’s lots to look forward to.

Thanks for reading,

Pam