Al Mayadeen English

Israeli exports face severe setbacks as global clients cancel deals over the war on Gaza, fueling fears of a looming economic crisis and credit downgrade

Israeli exporters have revealed that companies in Europe and the United States have refused to renew export contracts, while marketing networks have announced a halt to the import of Israeli products “until further notice.”

In this context, Ynet reported that a delegation of experts from the Moody’s rating agency visited Tel Aviv and left with very worrying impressions of the possibility of a rating reduction soon. One official said, “It will be a miracle if a reduction is not made within two weeks.”

A senior economic official who met with Moody’s representatives pointed to extreme concern over the massive rise in defense spending during the war on Gaza, confirming it represents a critical turning point.

The official warned that the Israeli government could lose all control over budget management, threatening a huge rise in the deficit and an accumulation of debt.

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Via https://english.almayadeen.net/news/Economy/israeli-trade-relations-collapse-amid-war-on-gaza–global-bo