watan-In a daily toll, the Israeli occupation is grappling with substantial economic losses, transforming what was once known as the “welfare economy” into a relic of the past. According to the American news agency Bloomberg, the Israeli war on the Gaza Strip is costing the country approximately $260 million per day.
Bloomberg highlighted that the Israeli offensive in Gaza has induced market tension, impacting various sectors and disrupting the occupier’s development plans. This has led to a decline in various indicators, ranging from the stock market to real estate and banking. The shekel has depreciated, the job market has contracted, and technology companies have experienced a downturn.
Bloomberg further emphasized the surge in the costs of insuring Israeli sovereign bonds against default, more than doubling compared to the situation before the onset of the brutal war on the Gaza Strip, as reported by Al-Jazeera.
Deficit and Debt Challenges Facing the Occupation
As the Israeli government modifies its expenditure, channeling a significant portion towards military efforts, the majority of funding will be sourced through debt, amounting to approximately 30 billion shekels or 8 billion dollars since the beginning of the war on Gaza.
Economists anticipate a sharp rise in the deficit-to-GDP ratio due to the Israeli war on Gaza, projecting its impact until 2024. Despite this, Prime Minister Benjamin Netanyahu pledged to “open the taps” to assist those affected by the war, as he described it.
The economic challenges for the Israeli occupation have intensified amid significant losses on the ground inflicted by Palestinian resistance. A considerable number of its assets are rendered worthless, turning into scrap, as reported by on-the-ground data collected by (Watan).
The Israeli economic-focused newspaper, “Globes,” has affirmed that the Israeli Ministry of Finance’s statement regarding the financial deficit significantly exceeds the officially declared figure. While Israel initially reported a deficit of 6 billion dollars, this number greatly contrasts with the 1.2 billion reported in September.
If the expenses of the war on Gaza are factored in, the mentioned figure is expected to surge significantly. Estimates indicate that Israel is poised to incur over 51 billion dollars due to its aggression against the Gaza Strip, according to a report by Al-Jazeera.