As a result of the ongoing war, Israel’s economy has already lost NIS 4.6 billion, according to an analysis from the Manufacturers Association.
Reasons for these severe monetary losses include employees failing to come to work, and overall reduced production during wartime.
For context, 1.3 million workers did not arrive at work during the week of October 8, often because people have been called up to reserve duty.
In southern Israel, approximately 85% of employees did not attend work, whereas reduced numbers in the workforce registered at 20% in other parts of the country.
An economy on standstill
Ron Tomer, president of the Manufacturers Association, has said that “there is no doubt the war is damaging the economy.” He added that “we will have to be both strong and united to get through this crisis.”
Other severe damages due to the fighting that is predicted to severely affect Israel’s economy include damages done to factories due to direct rocket fire or deals that fell through following the war. But the effect of these will only become clearer once the war has ended.
