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Palestinian economy could shrink
- Palestine: Saturday, July 08 - 2006 at 10:43
The Palestinian economy could shrink by 15% this year due to the withdrawal of tax revenue payments from Israel and the cessation of funding from foreign governments, since the Hamas led government was formed, reported Bloomberg. Israel has withheld the transfer of $50m in monthly tax fees since February and has also reduced the number of Palestinians who can work in Israel. Foreign funding accounted for 60% of the Palestinian budget.
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Jonathan Sheikh-Miller, Deputy EditorSaturday, July 08 - 2006 at 10:43 UAE local time (GMT+4)
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This article was updated on Wed May 02 2007.
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