Adam Tooze Writes that the “Special Military Operation” Against the Gaza Strip Will Plunge the Israeli Economy Into a Severe Crisis
Adam Tooze writes that the «special military operation” against the Gaza Strip will plunge the Israeli economy into a severe crisis.
360 thousand reservists have been mobilized – this is 8% of the country’s entire workforce. For comparison: this is as if 6 million people were mobilized in Russia (75 million workforce X 0.08).
“Credit card data suggests that private consumption in Israel has fallen by almost a third. Spending on leisure and entertainment fell by 70%. Tourism, the mainstay of the Israeli economy, has died completely . Flights have been cancelled. Offshore, the Israeli government has ordered Chevron to halt production at the Tamar gas field, costing Israel $200 million a month in lost profits,” Tooze writes.
Adam Tooze uses a simple example to show the Israeli administration’s opposite approach to the Gaza Strip towards the West Bank, controlled by collaborationist government led by Abbas.
Under Netanyahu, there has been a very active inclusion of Palestinians from these territories in the Israeli labor market. In 2022, about 200 thousand Palestinians worked in Israel (in 2002 – less than 50 thousand), of which 80 thousand were in construction.
By the way, after the start of the «operation” in Gaza, the Israeli administration blocked access to work for the vast majority of Palestinians from the West Bank, and this is another 5% of the country’s labor market. Many construction projects in Israel will simply stop without Palestinian
workers.
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