Israel in collapse, 46 000 businesses folded since Oct. 7
Story from Uji A. ILIYASU
Forty-six thousand businesses in Israel have been forced to shut as a result
of the ongoing war and its devastating effect on the economy, Hebrew newspaper, Maariv, reported on 10 July, referring to Israel as a “country in collapse.”
“This is a very high number that encompasses many sectors. About 77 per cent of the businesses that have been closed since the beginning of the war, which make up about 35,000 businesses, are small businesses with up to five employees, and are the most vulnerable in the economy,” Yoel Amir, CEO of Israeli information services and credit risk management firm, CofaceBdi, told Maariv.
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Israel began its ground offensive in Gaza on 20 Oct. 20, 2023, in response to a Hamas 7 Oct. 2023 attack that killed at least 1,400 Israelis. Since then, the conflict has escalated, with Israel vowing to “completely destroy” Hamas. Both sides have reported significant losses, with the Israeli military confirming the deaths of 113 soldiers and Hamas reporting the deaths of over 21,500 Palestinians, mostly women and children.
The conflict has also caused a humanitarian crisis in Gaza, leaving a quarter of the population starving.
Proofreading, editing by Uji A. Iliyasu, Editor at Neptune Prime
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