Ian DeMartino
Israel’s GDP fell by nearly 20% from October to December 2023, though it rebounded with a 14% gain the next quarter, that was less than economists expected.
Roughly 46,000 Israeli businesses have shut down since October 7, according to the Hebrew-language newspaper Maariv.
The Israeli economy has been declining rapidly since it launched its campaign in Gaza,particularly after the Yemen Ansar Allah movement (aka Houthi) and the Hezbollah movement in Lebanon have been taking action in solidarity with the Palestinians in Gaza.
The Houthis have blockaded the Red Sea from ships it says are connected with Israel or the United States. Because of their actions, the southern port of Eilat –the country’s busiest port before the war– has been virtually shut down since October 2023. Exacerbating the situation further, foreign tourism has also collapsed during the war, and as of December, nearly half a million Israelis have left the country and that was before tensions inflamed significantly between Iran and Israel.
Meanwhile, the Ansar Allah movement has been attacking Israel’s north, forcing tens of thousands of Israelis to evacuate the area, virtually wiping out businesses in the area. However, businesses around all of Israel are struggling, the paper said, with construction and ancillary industries being hurt the most but it noted that nearly every industry is being affected.
Yoel Amir the CEO of Coface Bdi, a services and credit risk management firm, told the paper that they estimate 60,000 Israeli businesses could shut down by the end of the year.
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The Most Revolutionary Act 
Sounds exactly like what is occurring in America, businesses are shutting down left and right. JC Penny just announced another slate of store closures. Next, they’ll be down to three stores open, nationwide. Walgreens just announced massive store closures, restaurants are going out of business in record numbers, and of course malls are empty. The last time I was in a mall, they were still building onto the mall and the mall was so hollow, I thought that I was the only one in it until I saw the janitor. Things are looking rough, obviously for Israel’s business outlook and America’s. Good!
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I think the biggest threat to the future of Israel, Shelby, is that most of the Jews living there will leave. They all have dual citizenship. The latest number I heard was that 500,000 had emigrated – that was in April.
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