Israel’s economy suffers estimated loss of $1.15 billion due to war in Gaza: MAI

Israel’s economy witnessed significant setback last week, with an estimated loss of approximately 4.6 billion shekels ($1.15 billion), according to the Manufacturers Association of Israel (MAI).

MAI explained that the absence of a large number of workers during waging war against Hamas resulted in this substantial economic impact.

The MAI’s estimation revealed that nearly 30 percent of the Israeli workforce, approximately 1.3 million people, were unable to attend work from Sunday to Thursday of the previous week. Multiple various factors contributed to this absence, including reserve soldiers being called up, parents having to tend to their children due to school and kindergarten closures, and individuals unable to reach their workplaces due to road closures.

MAI’s estimate does not encompass other significant losses that will only be evaluated once the war ends. Other potential losses include damage to factories resulting from rocket attacks, reduced profits, cancelled business deals, delays in scheduled operations, and potential currency devaluation.

MAI President Ron Tomer acknowledged the war as a severe blow to the Israeli economy.

The conflict with Hamas, which lasted for several days, has far-reaching consequences on Israel’s economic landscape. The absence of a substantial portion of the workforce had a direct negative impact on productivity and output in various sectors. Also, the closure of schools and kindergartens added to the economic strain.

MAI explained that the absence of a large number of workers during waging war against Hamas resulted in this substantial economic impact.

The MAI’s estimation revealed that nearly 30 percent of the Israeli workforce, approximately 1.3 million people, were unable to attend work from Sunday to Thursday of the previous week. Multiple various factors contributed to this absence, including reserve soldiers being called up, parents having to tend to their children due to school and kindergarten closures, and individuals unable to reach their workplaces due to road closures.

MAI’s estimate does not encompass other significant losses that will only be evaluated once the war ends. Other potential losses include damage to factories resulting from rocket attacks, reduced profits, cancelled business deals, delays in scheduled operations, and potential currency devaluation.

MAI President Ron Tomer acknowledged the war as a severe blow to the Israeli economy.

The conflict with Hamas, which lasted for several days, has far-reaching consequences on Israel’s economic landscape. The absence of a substantial portion of the workforce had a direct negative impact on productivity and output in various sectors. Also, the closure of schools and kindergartens added to the economic strain.