- CNTV English - CCTV News

Palestinian city Ramallah beats trend with economic growth

12-02-2010 08:58 BJT

Watch Video

Play Video

Growth is not the norm, in today's global economy. But in one Palestinian city, the indicators, look promising. Our correspondent Stephanie Freid, reports on the West Bank city of Ramallah. where the situation is looking up.

Bailout. Unemployment. Slowdown.

They're terms that have become synonymous with today's global economy.

But in one Palestinian city, the outlook is different.

Ramallah, home to twenty-five thousand West Bank Palestinians, is experiencing growth.

8% during the last year, according to economic analysts, who say that number will continue climbing.

Unemployment is down, foreign investment is on the rise and poverty has dropped by a third.

Experts say this is to be expected.

On the ground, the influx to the area is visible.

Construction is ongoing, the high tech sector is expanding and luxury properties are popping up throughout the city.

This month a 5-star, Swiss hotel chain opened a branch location here.

With luxury properties running between five hundred thousand and 2 million U.S. dollars, lifestyles here contrast sharply with Gaza, the largest Palestinian territories city.

Israel’s closure of Gaza borders to almost all imports as a way of keeping weapons from getting into the enclave has created crisis economic conditions there.

When compared with Gaza or neighboring West Bank cities, critics say Ramallah’s economic hub status is misleading and that the current upswing is a bubble doomed to burst.

One thing both sides agree upon is that on-again-off-again peace negotiations with Israel have not impacted here. The economy is developing in spite of politics.

CCTV correspondent Stephanie Freid "Bubble or not, here on the ground the population is riding the economic wave as long as it remains high. For CCTV, this is Stephanie Freid in downtown Ramallah".

Editor:Zhang Jingya |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program