UP TO 60,000 ISRAELI BUSINESSES TO CLOSE IN 2024
“The economic fallout from the ongoing war was most immediately felt by businesses active in the construction, agriculture, tourism, hospitality, and entertainment sectors, according to Amir.
That’s as 85,000 Palestinian workers have virtually disappeared from Israel’s construction industry since the war’s start, as they have not been allowed into Israel to work due to security concerns, while many foreign workers working at building sites left the country. This has caused many building sites to shut down completely due to a lack of workers.
‘Agriculture but especially the construction industry suffers from a severe shortage of manpower causing significant delays of projects and in the handover of apartments,” said Amir. “We are seeing some influx of foreign workers who have returned to Israel, but the low supply has also led to an increase in salaries and higher costs of hiring.’”
See: timesofisrael.com/up-to-60000-is…
ISRAEL’S CREDIT RATING DOWNGRADED WITH FURTHER DOWNGRADING TO “JUNK EXPECTED
Moody’s: “The key driver for the downgrade is our view that geopolitical risk has intensified significantly further, to very high levels, with material negative consequences for Israel’s creditworthiness in both the near and longer term. The ratings would likely be downgraded further, potentially by multiple notches, if the current heightened tensions with Hezbollah turned into a full-scale conflict.”
