(August 3, 2020 / JNS) Israel’s Finance Ministry assesses in a new report that it could take the economy until 2025 to return to its pre-pandemic unemployment rates and growth statistics.
According to the report, released on Sunday by Channel 13, the assessment is based on predictions of a third COVID-19 wave, requiring the reinstatement of harsh measures, such as lockdowns, to stop the spread of the coronavirus.
The report forecasts that the negative growth for 2020 alone will be somewhere between 5.9 and 7.2 percent, with some 70,000 businesses having folded by the end of 2020, as opposed to 45,000 in an average year, and the number of people currently out of work estimated to be 800,000.
Meanwhile, the Bank of Israel reported on Sunday that some 50,000 young couples in Israel are having difficulty making their mortgage repayments, which now amount to more than 30 percent of their monthly income.
Support Jewish Journalism
with 2020 Vision
One of the most intriguing stories of the sudden Coronavirus crisis is the role of the internet. With individuals forced into home quarantine, most are turning further online for information, education and social interaction.
JNS's influence and readership are growing exponentially, and our positioning sets us apart. Most Jewish media are advocating increasingly biased progressive political and social agendas. JNS is providing more and more readers with a welcome alternative and an ideological home.
During this crisis, JNS continues working overtime. We are being relied upon to tell the story of this crisis as it affects Israel and the global Jewish community, and explain the extraordinary political developments taking place in parallel.
Our ability to thrive in 2020 and beyond depends on the generosity of committed readers and supporters. Monthly donations in particular go a long way in helping us sustain our operations. We greatly appreciate any contributions you can make during these challenging times. We thank you for your ongoing support and wish you blessings for good health and peace of mind.