Israeli economic loss
When Israel cracked down on Palestinians who wanted to pray at the al-Aqsa Mosque compound, which eventually led to the Gaza war and the carnage that followed, did it calculate the economic losses of its offensive? Up until the war, Israel saw modest growth in 2018 and 19, then the dip: GDP contraction of over 2% for 2020. Economic growth expectations were high for 2021 due to the vaccination of more than 50% of its population: 6.3%.
But that did not come into fruition. The unemployment figure in Israel was shockingly high, relative to the GDP contraction. Prior to Covid 19, the unemployment rate was reported to be a little over 3% prior to the pandemic, but hit over 30% last year counting the ones that were on furlough. After the vaccination program, it decreased down to 16.7% for February.
Now unto the poverty rate in Israel. The economic fallout from Covid-19 had a devastating impact on many sectors across the board. The rate stood at 30% the end of last year, which also is reflective of an inequality problem that Israel is facing. So putting these economic figures next to each other, it is easy to see that Israels economy was not even doing that great going into the war. But you wouldn't know that listening to the prime minster.
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