ISRAEL ECONOMY BLEEDING FROM WAR
March 10, 2024The Israeli economy is bleeding…Israel is suffering billions of dollars in losses from its aggressive war against Hamas that has affected many sectors, particularly tourism and technology.
So is Israel turning into a poor country?
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English Script:
Israel might become a “poor country”, and the United States’ aid will not help it. A scary scenario is awaiting Israel in the next decade amid its economy going down a “slippery slope”. The cost of its war on Gaza has exceeded all expectations.
Itay Ben-Zeev: Israel is unintentionally encouraging us to withdraw our money and spend it elsewhere”
The Chief Executive Officer at Tel Aviv Stock Exchange warns of the economic situation Israel’s is facing, saying it will become a “poor country” within a decade, if the situation didn’t change. Calling to take measures to boost investments in the country amid other warnings about increasing the defense budget and its “serious consequences.”
Shmuel Abramso: The war is unlike anything we have seen in the past 20 years in terms of impacts on the economy.
The daily cost of the war on Gaza was estimated at $267 million, which will be equivalent to $52 billion when it ends according to estimates, or 10% of the gross domestic product, which fell by 19.4% in the last quarter of 2023.
Ahmed Fouad Anwar: Tel Aviv is facing “catastrophic” economic dimensions and cannot survive for long even with military aid from the United States.
The economic deficit rose to 6.6% in the 2024 budget, and some sectors witnessed losses reaching 80%, including real estate and construction, agriculture, technology, and tourism, which also witnessed a major blow amid the cancellation of 85% of hotel reservations and their overcrowding with displaced Israelis. The financial impasse in Israel will not stop at the past and current years but is estimated to continue until 2027. The deficit and debt are likely to rise between 2025 and 2027. How long will Israel’s economy survive?
