Nov 11, 2023, 1:44 PM
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News ID: 85287515
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'War on Gaza ‘major shock’ to Israeli economy'

Nov 11, 2023, 1:44 PM
News ID: 85287515
'War on Gaza ‘major shock’ to Israeli economy'

Tehran, IRNA – The Zionist regime’s war on the Gaza Strip has proven to be a “major shock” to the Israeli economy and costlier than initially estimated, according to Bank of Israel Governor Amir Yaron.

According to a Saturday report by the IRNA, Yaron said on Thursday in Washington that “there is no doubt the war will have fiscal implications and generate budget pressures.”

He explained that the regime’s gross domestic product (GDP) growth is likely to be lower by 1% in 2023 and 2024. “The debt-to-GDP ratio is likely to rise somewhat more than 65 percent by the end of ‘24, as costs are larger than it was initially projected,” he added.

Meanwhile, experts say the cost of the bloody war on Gaza on the Zionist regime’s economy will be unprecedented, with estimates suggesting that the war will cost as much as $51 billion.

Late last month, a group of about 300 top Israeli economists wrote to the regime’s prime minister Benjamin Netanyahu to warn of a looming economic disaster.

“You do not understand the magnitude of the economic crisis that Israel’s economy is facing,“ they warned in the letter.

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