from Great Game India:
According to data taken from the Central Bureau of Statistics in Israel, by the financial time, the war on Gaza might collapse Israel’s economy as it has already destroyed thousands” of businesses.
The Financial Times released an amazing analysis on November 6th, tracing the catastrophic economic costs of Israel’s war on Gaza and how they are affecting individuals’ personal money, employment opportunities, companies, sectors, and the Israeli government itself.
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According to the Financial Times, the battle has destroyed and upended “thousands” of businesses, many of which are on the verge of going bankrupt, and entire industries have been thrown into an unprecedented crisis.
According to data taken from the Central Bureau of Statistics in Israel, since Operation Al-Aqsa Flood began on October 7 and damaged Israeli public trust, one in three firms have either closed their doors or are only operating at 20 percent capacity. This is a dire situation.
Over 50% of organizations experience revenue losses that are more than 50%. The majority of enterprises in the southern regions—which are closest to Gaza—are either closed or operating “to a minimum.”
The situation is made worse by the fact that the Israeli Labour Ministry says that 764,000 people, or about 5% of the country’s workforce, are unemployed as a result of reserve duty call-ups, school closures that necessitate childcare arrangements, or evacuations.
The toll on Tel Aviv’s trade and tourism
Bloomberg calculated the financial effects of Tel Aviv’s military aggression on Monday: The Israeli economy has already suffered damages of about $8 billion as a result of the Gaza war, and those losses increase by $260 million every day.
Prime Minister Benjamin Netanyahu, who depends heavily on support from ultra-Zionist right-wing political groupings, continues to provide “vast sums” to settler-colonial and non-essential ideological programs in spite of this catastrophic situation, deviating from the standard wartime economic protocol.
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