Israel’s economy is seeing slower growth as the war in Gaza and the conflict with Hezbollah rages on.
According to the Central Bureau of Statistics, despite bouncing back in the initial quarter of 2024, growing at 17.3% compared to a decline of 20.6% in the last quarter of 2023, the second quarter of 2024 has shown only 1.2% growth.
Although the tech sector is experiencing a global slump, Israel’s tech space started from behind after a decline that began with the judicial reform controversy in 2023 and continued until October 7th.
In addition, rising prices, increasing layoffs and interruptions in production due to the war are also slowing Israel’s economy.
