The State of Palestine was declared on 29 November 2012 by the UN as a non-member observer state. Palestinian economy suffers from a number of imbalances, most of which are the direct result of the Israeli occupation. Since 1967, the West Bank and Gaza have been cut off from their traditional markets, with the occupying authority being the only outlet for trade. High dependence on Israel for employment and trade make the Palestinians vulnerable to restriction on the movement of labor and goods.