• Mon. Oct 3rd, 2022

According to the Israeli Ministry of Finance, rapid economic recovery is unrealistic. According to the ministry’s latest report published on Sunday, it will take up to five years before the Israeli economy is back at the same level as before the Corona crisis, writes the newspaper The Algemeiner.

Israeli Channel 13 reported that the ministry expects unemployment to fall to the same level as before the Corona crisis in 2025, and that negative growth in 2020 alone will be between 5.9 percent and 7.2 percent.

In addition, a third of all business jobs have become redundant during the nationwide Corona shutdown.

– There is considerable uncertainty about what the economic recovery will look like in the light of the continuing health crisis, the report states, among other things.

According to the ministry, it is also uncertain how the medical effort in the fight against the pandemic will develop in the future.

The Ministry emphasizes that growth will suffer further if Corona infection rises again.

If the infection rises and the third Corona wave hits Israel, gross domestic product will fall by 7.2 percent in 2020 and rise by only 2.2 percent in 2021 – well below the level needed to restore the country’s economy.

Read more MIFF articles on the economic crisis in Israel here.

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