WASHINGTON, April 27, 2008, (WAFA)- The World Bank said on Sunday that the Palestinian economy won't grow this year, largely due to Israeli restrictions on movement.

 In a report, the Bank  noted that the Gaza economy has sharply contracted because of the virtually complete closure of the Gaza Strip by Israel and Egypt after the violent Hamas takeover there last year.

The World Bank estimated that the Gross Domestic Product — currently at about $4 billion — will grow by only 3 percent in 2008.

'That, taking into account population growth, leaves per capita income static, if not lower than the previous year,' the report said.

In the West Bank, where Israel maintains a network of hundreds of checkpoints, gates and earthen barriers, GDP growth was only modest, the Bank said.