For every factor that could send the Israeli economy back into recession, there is one that could save it. It all depends if and how long the next lockdown is.
The shift to working at home full time or adopting a hybrid model is forcing the Israeli economy to adjust to a new reality. Experts say the impact will be felt not just financially, but culturally as well
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May. 24, 2021 6:41 PM
Israeli businesses lost 1.2 billion shekels ($368 million) during 11 days of fighting between Israel and the Hamas militant group in Gaza, the country s main industrial group said on Monday.
The Manufacturers Association, which represents some 1,500 firms and 400,000 workers, said the loss was mostly due to employees choosing to stay at home due to the nearly nonstop Palestinian rocket fire from Gaza.
About a third of workers were absent from work in southern Israel and about 10 percent stayed home in areas closer to the commerical hub of central Israel, the association said. The non-arrival of workers led to a significant decrease in the outputs of industrial companies, a decline in sales and a direct harm to revenues, it said.
Apr. 28, 2021 2:45 AM
Israel ranks 19th in the world in terms of GDP per capita, according to International Monetary Fund’s World Economic Outlook, released this month. That sounds great − GDP per capita is $43,689 per person, which puts Israel under 18 countries but above 194.
But that’s not the complete picture. When it comes to purchasing power parity – the actual statistic that enables comparing financial wellbeing in different countries – Israel’s GDP per capita drops to $40,547, and its ranking falls to 35th according to the IMF, on par with its ranking over the past few years. (After removing particularly small nations such as Brunei and Macao from the list, Israel ranks about 30th). This puts Israel on par with Cyprus, and under Italy, the Czech Republic and Malta.