Israel's increased war footing and arms spending are threatening its successful high-tech economy. Economists are drawing parallels to the 1970s when Israel ramped up defense spending to address security risks exposed in the 1973 Yom Kippur War, leading to devastating economic side effects. The Bank of Israel chief warns that the current war against Hamas could cost NIS 253 billion ($67.4 billion) through 2025. Defense spending as a share of GDP is expected to rise from 5.3%, which could have long-term impacts on the economy.
Israel's war against Hamas projected to cost NIS 253 billion by 2025, warns Bank Governor. https://t.co/QqWmrkIyCS
🇮🇱 No business like war business: Israeli defense contractors’ profits boom while economy takes a beating Israel’s Central Bank expects the war in Gaza to cost a whopping 250 billion shekels ($67.4 billion US) through 2025, as defense spending as a share of GDP jumps from 5.3%… https://t.co/4g3VzI0PE8
Israel's increased war footing and arms spending threatens its successful high-tech economy https://t.co/DqSfWwc5BL The critical question: how can Israel extricate itself politically to end an unwinnable war? Non-issue: The high-tech economy will likely continue regardless
Bank of Israel chief warns war against Hamas will cost $67 billion in 2023-2025 https://t.co/YLOBZhYDzi
War could cost NIS 253 billion, banks chief says, warning against runaway defense outlays https://t.co/ZBNrjTmAB7
Israel's increased war footing and arms spending threatens its successful high-tech economy https://t.co/Ch3ZdFrOXv via @GalitAltstein @ethanbronner https://t.co/5GsYOe0VhW
When Israel vastly ramped up defense spending in the 1970s to address security risks exposed in the 1973 Yom Kippur War, the economic side effects were devastating. Economists are now worried about a repeat https://t.co/fBZPQ9ltRF via @economics @AnsteyEco
When Israel vastly ramped up defense spending in the 1970s to address security risks exposed in the 1973 Yom Kippur War, the economic side effects were devastating. Economists are now worried about a repeat https://t.co/RqJ5PmJHFP
Israel's increased war footing and arms spending threatens its successful high-tech economy https://t.co/gZzU1cHvVr via @BW
Israel's increased war footing and arms spending threatens its successful high-tech economy https://t.co/p0K2BjMFVm