40,000! IS THE NUMBER OF ISRAELI COMPANIES FORCED SHUT SINCE OCTOBER
July 13, 2024Some 40,000 Israeli companies have closed their doors since October, amid expectations that the number will rise to 60,000 by the end of the year, Israel’s Maariv newspaper said yesterday.
The Israeli paper cited data from the CEO of business information company CofaceBDI, Yoel Amir, saying: “This is a very high number that includes many sectors.”
The vast majority, 77 per cent, of the companies are small businesses which are most vulnerable.
He pointed out that the most affected sectors are construction and related industries such as ceramics, air conditioning, aluminium and building materials.
While trade, including fashion, furniture and household appliances and the service sector, including cafes, entertainment and entertainment services, and transportation have also been hit hard.
Tourism has been severely impacted by the war with almost non-existent foreign tourism, along with the decline in national mood.
“The damage in combat zones is more serious, but the damage to businesses is across the country, with almost no sector spared,” Amir noted.
He pointed out that “the damage is very great in all aspects for the Israeli economy,” explaining that “in the end, when companies close their doors and do not have the ability to repay debts, there is also peripheral damage to customers, suppliers and companies that are part of its working system.”
“Apart from companies closing their doors, there has been a sharp decline in corporate activity in various sectors since the beginning of the war,” he added.
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