Stay informed with the latest developments as Israel faces a staggering 20% drop in GDP, attributed to the ongoing conflict in Gaza. Join us as we explore the economic repercussions of the war and its impact on Israel's high-tech economy. Follow for in-depth analysis and real-time updates on this critical situation.
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#Israel #Hamas #Palestine #IsraelHamasWar #IsraelHamasConflict #GazaStrip #GazaWar #HouthiRebels #RedSeaAttacks #OneindiaNews
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NewsTranscript
00:00 The latest GDP figures of Israel had sparked concerns.
00:04 According to official figures released today, i.e. on February 19, Israel's GDP experienced
00:10 a staggering decline of almost one-fifth in the last final quarter of 2023 compared to
00:16 the preceding three months.
00:18 This sharp 19.4% fall has been attributed to the profound impact of the ongoing Gaza
00:24 War on the nation's high-tech economy.
00:27 Despite the overall growth of 2.0% in 2023, the figures fell short of the 2.3% projection
00:34 made by the Bank of Israel following the outbreak of the war in October last year.
00:40 Notably, this quarter marked the worst economic performance by Israel in terms of GDP per
00:46 capita since the onset of the COVID-19 pandemic in early 2020.
00:51 The repercussions of the conflict were felt across various sectors, with exports plummeting
00:56 by 18.3% and imports by a staggering 42.4%.
01:02 The decline in international trade was exacerbated by airlines suspending flights and international
01:07 shipping routes avoiding the Red Sea due to the attacks by Houthi rebels in response to
01:12 Israel's action against Hamas.
01:15 Tragically, the toll of the Gaza War has been immense, with Hamas's attack on southern Israel
01:21 resulting in the deaths of approximately 1,160 people, primarily civilians, according to
01:27 the AFP's tally of official Israeli figures.
01:30 Meanwhile, the assault on Gaza has claimed the lives of over 29,000 individuals, predominantly
01:37 women and children, according to Health Ministry of the Hamas-run territory.
01:42 The economic fallout has been severe, with Israel experiencing significant labour shortages
01:48 and the collapse of its tourism industry since the outbreak of hospitalities and hostilities.
01:54 In response to the escalating conflict, the Israeli military mobilized over 300,000 reservists,
02:00 while the government imposed restrictions, barring the entry of at least 160,000 Palestinian
02:06 labourers and played a vital role in the construction and agriculture sectors.
02:11 As Israel grapples with the aftermath of the Gaza War, concerns mount over the nation's
02:16 economic stability and the long-term implications for its workforce and industries.
02:21 Stay tuned with One India News as we continue to monitor this developing situation and bring
02:26 you the latest updates.
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