The West Bank is on the edge of economic collapse
Live MintNABLUS, West Bank—The Nablus Soap Co., with a network of buyers in 70 countries, is the kind of family-owned business that once formed the backbone of the local economy in the occupied West Bank. The fallout is increasingly threatening the economy in the West Bank, a separate majority-Palestinian territory a few dozen miles away, with potential destabilizing consequences for the security of Israel and the broader Middle East, senior U.S. officials have said in letters to the Israeli government. “Cutting off these banking ties would create significant economic turmoil in the West Bank, threatening the security of Israel and the broader region." More than 100,000 Palestinians entered Israel legally for work, and relatively low unemployment kept West Bank residents spending. Israel has tightened restrictions on movement in the West Bank, canceled more than 100,000 permits for Palestinians who worked legally in Israel, and conducted near-daily military raids, killing more than 700 people.