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Israel’s economy will take a big hit in the new year

by Afonso
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Israel is putting the economy at risk by waging war in Gaza. Economists expect Israel’s economy to shrink by 2 percent in the first three months of next year due to the war. The New York Times reported this information in a report.

Citing Israel’s think tank Taub Center for Social Policy Studies, the New York Times reported that the war with the Palestinian independence group Hamas has already left thousands of workers homeless. Besides, reserve troops have also been summoned. All these will inevitably have a negative impact on the economy.

According to the Taub Center for Social Policy Studies, at least 20 percent of workers have left Israel’s labor market since the start of the war between Israel and Hamas on October 7. On the other hand, many people have fled from the cities bordering Lebanon due to Hezbollah attacks. Gaza’s border towns are also almost deserted. Because of these reasons, the economic growth of Israel will be low in the coming year.

Along with Israel, the Palestinian West Bank economy is also going through a tough time. Transactions in banks have decreased there. Various productive activities have stopped. This has a direct impact on Israel’s economy.

Meanwhile, the BBC reported that 241 people were killed in the last 24 hours in the Israeli attack on the war-torn Gaza. At least 382 people were injured. According to the calculations of the Gaza Ministry, at least 20 thousand 915 Palestinians have been killed since the start of the Israeli attack on Gaza on October 7. Most of the victims were women and children. About 55 thousand people were injured.

On the other hand, Israel claimed that 1,200 Israelis were killed in the attack by Hamas on October 7. In addition, Hamas has taken more than two hundred Israelis hostage.



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