Israel’s War Effort Is Giving Its Economy a Covid-Like Shock
- A crash in activity’s hit everything from restaurants to banks
- Israeli stocks are world’s worst performers since start of war
People take cover as warning sirens sound at a demonstration in Tel Aviv on Oct. 28.
Source: AFPThis article is for subscribers only.
From small restaurants to high-tech companies and a major gas field run by Chevron Corp., Israeli businesses are being convulsed by the war against Hamas.
Many are comparing the shutdowns that have hammered the $520 billion economy to the Covid-19 pandemic, with schools, offices and building sites emptying or opening for only a few hours a day. Israel mobilized a record 350,000 reservists before its ground offensive on Gaza, draining roughly 8% of the workforce.