The Palestinian economy needs to speed up its digital transformation, the World Bank said in a report published Wednesday, urging institutional reform and pointing the finger at Israeli restrictions.

The past decade has seen progress on internet access and the development of digital businesses and platforms in the Gaza Strip and the Israeli-occupied West Bank, the report said.

But "much remains to be done to bring about an innovation ecosystem that translates into growth and job creation", it added.

The World Bank said only around one-third of firms in the Palestinian territories had their own website, compared with an average of half in the Middle East and North Africa in 2019, while just 14 percent of adults had "made or received digital payments", according to 2017 data.

The report called for strengthened competition, for the Palestinians to develop and update legislation including on e-transactions and cybersecurity, and improve institutional coordination.

"A full-fledged digital transformation of the economy" will require "internal policy reforms and financial resources by the Palestinian Authority", a statement added, while the report urged the PA to increase the availability of online public services.

Israeli restrictions, including on technology imports and spectrum allocation, "have been a major impediment to the establishment of digital infrastructure, connectivity, and high-speed broadband access", the World Bank said.

It said that bandwidth was limited to 2G in Gaza and to 3G in the West Bank, at a time when Israel is moving towards 5G.

"Strengthening the Palestinian digital economy will require a sustainable political resolution with the government of Israel to remove current restrictions," the statement added.

World Bank country director for the West Bank and Gaza, Kanthan Shankar, said that "investing in the Palestinian digital economy is more important than ever".

"Many Palestinian businesses" had moved "toward online channels" during the coronavirus pandemic, he said.

Around 2.9 million Palestinians live in the West Bank, a Palestinian territory occupied by Israel's army since the 1967 Six-Day War, while the impoverished Gaza Strip, which is under Israeli blockade, is home to some 2.3 million others.

Unemployment stood at 16.9 percent in the West Bank in the second quarter of 2021, with the rate at 44.7 percent in Gaza, according to the report.

Related Links
Satellite-based Internet technologies

Tweet

Thanks for being here; We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor $5 Billed Once credit card or paypal		SpaceDaily Monthly Supporter $5 Billed Monthly paypal only

Peloton shares jump on reports of possible Amazon deal
New York (AFP) Feb 5, 2022
Shares in at-home fitness company Peloton jumped Friday evening in extended trading on Wall Street amid reports of the company's potential takeover by e-commerce giant Amazon. Shortly before 8:00 pm (0100 GMT), Peloton shares surged 26.42 percent, to $31.10. Several American media reported on Amazon's interest in Peloton, which has struggled to maintain growth amid easing Covid-19 restrictions. "Amazon has been speaking to advisers about a potential deal," the Wall Street Journal reported Fr ... read more