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Unholy War: How Israel’s 2014 offensive has left Gaza in shambles

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Blockades, war and poor governance have strangled Gaza’s economy and the unemployment rate is now the highest in the world according to the latest World Bank economic update. The report will be presented to the Ad Hoc Liaison Committee (AHLC), a forum of donors to the Palestinian Authority, at the bi-annual meeting in Brussels on May 27, 2015.

The 2014 war has reduced Gaza’s GDP by about US$460 million. Construction, agriculture, manufacturing, and electricity sectors were hit the most with output reductions of 83 per cent in the construction sector in the second half of 2014 and roughly 50 per cent in these other sectors. Gaza became a major source of deficit and the fiscal burden on the Palestinian Authority’s finances amplified by the internal divide. While about 43 per cent of PA’s expenditures are spent in Gaza, only 13 per cent of its revenues come from Gaza.

The report estimates that Gaza’s GDP would have been about four times higher than it currently is if it weren’t for the conflicts and the multiple restrictions. It also states that the blockade in place since 2007 has shaved around 50 percent off Gaza’s GDP.  Unemployment in Gaza is the highest in the world at 43 per cent. Even more alarming is the situation of youth unemployment which soared to more than 60 per cent by the end of 2014.

“Gaza’s unemployment and poverty figures are very troubling and the economic outlook is worrying. The current market in Gaza is not able to offer jobs leaving a large population in despair particularly the youth,” said Steen Lau Jorgensen, World Bank Country Director for West Bank and Gaza. “The ongoing blockade and the 2014 war have taken a toll on Gaza’s economy and people’s livelihoods. Gaza’s exports virtually disappeared and the manufacturing sector has shrunk by as much as 60 per cent. The economy cannot survive without being connected to the outside world.”

Gaza’s real GDP is only a couple of percentage points higher now than it was 20 years ago in 1994, while the population growth is estimated to have increased by about 230 per cent over the same period. Consequently, real per capita income in Gaza is 31 per cent lower now than in 1994.

Gaza’s population suffers from poor access and quality of basic public services such as electricity, water, and sewerage.  Nearly 80 per cent of Gaza’s population receives some kind of social assistance, and nearly 40 per cent of them still fall below the poverty line. While shocking, these numbers fail to fully convey the difficult living conditions that nearly all Gaza’s residents have been experiencing.

“Even more shocking is the reality that most of Gaza’s 1.8 million residents are confined to an area of 160 km square and are not able to travel beyond this area without permits. According to the Washington-based Center for Mind-Body-Medicine, as many as one-third of Gaza’s children showed signs of post-traumatic stress disorder even before the 2014 armed conflict, now even more,” said Jorgensen.

Source: World Bank

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5G Carries Potential to Contribute to India’s GDP Growth by the Year 2025

AR, VR and AI will all come together to form ‘extended reality', it added

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"5G is the promise of a better quality of life for all and exceptional opportunities. It will allow to adapt life to our needs," he said. VOA

A KPMG report on Monday said that 5G technology has the potential to add 0.35-0.5 per cent to India’s gross domestic product (GDP) by 2025.

The report further said that India Inc has the potential to unlock $48.69 billion (Rs 3,408 billion) in four years through the deployment of 5G.

The government has set a target of becoming a $5 trillion economy by 2024-25. In 2018-19, the Indian economy stood at $2.72 trillion.

“We estimate that the 5G contribution to annual GDP will likely be in the range of 0.35-0.5 per cent by 2025. The absolute value unlocked is expected to be highest in the retail sector, followed by finance and then the technology sector,” said the report released at the India Mobile Congress 2019.

It further said that IT will be the “most immersive, intelligent and inventive of all technologies”.

Intel
Top Intel Executive said that India needs to roll out 5G faster in order to take advantage of the economic benefits it can bring to the nation. Pixabay

“Blockchain is a technology trend that has seen wide implementation during 2019 and its applications will continue to expand beyond cryptocurrency, it said.

The survey ranked artificial intelligence (AI), augmented reality (AR)/virtual reality (VR), cognitive computing and machine learning as the top technologies that will have the highest potential to generate immersive experiences, but noted that they are nascent in terms of their evolution and adoption.

AR, VR and AI will all come together to form ‘extended reality’, it added.

Also Read: Users Clueless on Snapchat’s Global Outage

Commenting on the report, Purushothaman K.G., Partner and Sector Lead for telecom at KPMG in India, said: “The future value that will be delivered through telecom operators is not by being the provider of ‘connectivity’ but as being a trusted partner and platform provider offering value and services and experiences to customers.

“We are living in exciting times where new technologies like 5G, IoT, AI and AR/VR promise to revolutionise connectivity and unlock value by creating better, more secure and personalised experiences for everyone.” (IANS)