Overview

Despite some progress, the PA continues to rank poorly in the World Bank's Ease of Doing Business category, receiving a ranking of 143 out of 189 in 2015. Beginning in June 2007, the PA has demonstrated a renewed determination to improve the investment climate and to attract foreign investment, undertaking a number of significant reforms. These broad economic policies are aimed at stimulating growth through private sector investment and consolidating public finances. The National Development Plan (NDP) for 2011-2013, the PA's reform and development framework from earlier this decade, highlighted the need for sovereign control over its borders and developing domestic resources to attract investment for sustainable economic development. Through 23 sector strategies contained in the NDP, the PA focused on private sector growth in agriculture and tourism in particular, and committed to continued legal and institutional reform, strategic investments in national infrastructure, and negotiated international trade agreements. Currently, the 2014-2016 NDP is used to guide the PA. The NDP emphasizes the need to create an additional 600,000 jobs during the next decade to maintain at least 10 percent annual growth in GDP. As with the previous NDP, the current version is structured along the lines of four key sectors: economic development and employment, good governance and institution building, social protection and development, and infrastructure. Within the economic sector, the NDP actively seeks to encourage private sector and foreign investment, improve Palestinian infrastructure, increase the competitiveness of Palestinian companies, and encourage entrepreneurship in the West Bank and Gaza, among other goals. The NDP caveats, that any economic progress is inextricably linked to resolution of the political conflict with Israel, as well as overcoming internal divisions between the West Bank and Gaza.

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9781532888519

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