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Palestine exports hard commodities (27 percent), fruits and vegetables (9 percent), iron and steel (5 percent), furniture (5 percent), footwear (5 percent), tobacco (5 percent), wood (3 percent), vehicles (3 percent) and fertilizer (3 percent).
It imports hard commodities (10 percent), petroleum (10 percent), cereals (5 percent), iron and steel (4 percent), textiles (4 percent), diary (4 percent), vehicles (3 percent) and electronics (3 percent).
According to last available records, Palestine exported US$444 million and imported US$2.7 billion worth of goods. It is subject to a trade deficit since the signing of the Oslo agreements that represents as much as 48 percent of the GDP.
The Palestinian National Authority has pursued a free market policy since gaining control of the Palestinian territories. Although Palestine still faces some non-tariff barriers from Israel, the Paris Protocol has enabled the Palestinian economy to build on its strong industries, and increase its exports to both neighboring and international markets.
The global crisis changed the face of monetary policy. Central banks deployed new tools to counter the effects of the crisis, which have reduced the risk of deflation, stabilised the financial system and calmed financial markets; but potential negative side effects remain. Two weeks ago, the IMF organized a major research conference, in honour of Stanley Fischer, on lessons from the crisis. Here is my take. I shall focus on what I see as the lessons for monetary policy, but before I do this, let me mention two other important conclusions. Read more
Joseph E. Stiglitz,
Jeffrey D. Sachs,
Mohamed A. El-Erian,
Mario Blejer & Eduardo Levy Yeyati,
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