The Israeli Ministry of Labor said on Thursday that about 46,000 Israeli workers have been laid off since the outbreak of the war in the Gaza Strip on October 7.
This came a month after the announcement of unemployment data in the Israeli market, which amounts to 3.1% of the total labor force.
The Ministry stated – in a statement – that there are 760,000 Israeli workers, or about 18% of the workforce, who are not working at the present time, for three reasons:
- Israeli reserve workers and employees serve in the army.
- Living around Gaza.
- Staying with their children at home.
Last month, Israel summoned approximately 350,000 reserve soldiers, who are employees working in the Israeli economy, which today faces the specter of entering a recession.
The data does not include numbers for Palestinian workers in Israel, who number approximately 140,000 employees, according to data from the Palestinian Central Bureau of Statistics.
It was a bankJP Morgan Chase“The American expects that the Israeli economy will shrink by 11% on an annual basis in the last three months of this year, with the escalation of aggression against… Gaza strip.
Thus, the bank adjusted its initial expectations when starting an operation “Al-Aqsa Flood” Launched by the Palestinian resistance led by Izz al-Din al-Qassam Brigades -The military wing of the Islamic Resistance Movement (agitation) – Against the occupation, which was estimated to have a minor impact on the Israeli economy.
According to previously published estimates by the Ministry of Finance and the Bank of Israel, the value of Israel’s losses from the war on Gaza is expected to reach more than $18 billion, while the general budget deficit is expected to exceed $20 billion in 2024.
760,000 Israeli workers, or about 18% of the workforce, are currently unemployed.
Moody’s, the credit rating agency, said last Monday evening that the war in Gaza would raise inflation in Israel to 6.8% in 2024.
The rating agency expected that Israel’s fiscal deficit would expand to 3.5% of GDP by the end of 2023, and to 7.8% in 2024, and that the GDP in 2024 would reach about 1.4%.
On the 27th day of the war on the Gaza Strip, Israeli bombing continued on various parts of the Strip, after the occupation army committed a second massacre in the Jabalia camp, bringing the number of martyrs to 9,061.
Since the outbreak of the war, Israel has cut off supplies of water, food, medicine, electricity and fuel to the residents of Gaza, who are estimated at 2.2 million Palestinians, who are already suffering from extremely deteriorating conditions as a result of an ongoing Israeli siege since 2006.