May 23, 2024

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Israel’s economy was weakened by the cost of the war

Israel’s economy was weakened by the cost of the war

During a speech before the Knesset, Israeli Defense Minister Yoav Gallant set a dual objective for the ongoing ground operation in the Gaza Strip: not only to free the hostages held by Hamas, but also to silence the rockets to allow civilians in. The economy will return to normal.

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2 million

for now,Israel All calls for a ceasefire or a simple humanitarian pause are resisted, but the conflict may prove difficult to sustain in the long run: the Israeli central bank puts it at $600 million a week, or 6% of GDP. However, on Tuesday, Yoav Gallant Israel on Tuesday acknowledged that it expected ” A long battle ยป Against Hamas. ” This is a war like we have never known. “, he declared.

This economic situation is mobilizing large numbers of reservationists, causing companies to lose employees. COVID-19Many schools are also closed, complicating the arrangement of parents.

On the night of Wednesday November 8 to Thursday November 9, the Knesset, the Israeli parliament, voted on a nearly $4 billion economic support program for war-affected businesses and displaced workers who are unemployed without pay.

Read moreIsrael-Hamas War: A New Shock in the Global Economy?

A move that doesn’t care about the 18,000 Palestinians Gaza The permit to work in Israel was revoked immediately after October 7.

Crisis in Gaza

As for the Palestinian economy in Gaza, it is like an enclave: reduced to a field of destruction. After a month of war and bombing of Gaza, the United Nations Development Program (UNDP) estimates that the poverty rate in the Palestinian territories (Gaza and West Bank) should have increased from 26.7% to 31.9%. That’s 285,000 new poor, an addition to nearly 1.5 million people before the war.

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35.8% if the war lasted one more month (500,000 new paupers), or 38.8% (more than 660,000 new paupers) in two additional months.

Ask for moreEconomy Today – The war between Hamas and Israel is straining the neighboring countries