Tel Aviv, MINA – The Hebrew newspaper Maariv revealed that on Wednesday, 46,000 Israeli companies have closed since the outbreak of war on October 7, 2023.
This number is expected to increase to 60,000 companies by the end of this year, according to the business information company Coface Bdi, which has provided business information for credit risk management for 35 years, Arabic Post reported.
Coface Bdi also works on analyzing and classifying all companies and institutions in the Israeli economy.
“These are very high figures that encompass many sectors,” said Yoel Amir, CEO of Coface Bdi.
Also Read: Netanyahu’s Visit to the US is an Insult to International Justice
He explained that about 77% of the companies that closed since the beginning of the war, approximately 35,000 companies, are small and the most vulnerable in the Israeli economy.
The sectors experiencing severe damage include the construction industry, followed by the ceramics, air conditioning, aluminum, and building materials industries.
He added that sectors severely affected during the war also included the trading sector, which encompasses fashion industries, footwear, furniture, household appliances, as well as the service sector, including cafes, entertainment services, and transportation.
“The tourism industry has also plummeted, with almost no foreign tourism, alongside the impact of the war on tourist areas. The agricultural sector, mostly located in the battle zones in the south and north, also faced labor shortages,” he said.
Also Read: Trump Says US to Take over Gaza Strip after Permanent Resettlement
Based on revealed data, the construction and building sector suffered approximately 27% damage, the service sector about 19%, the industrial and agricultural sector about 17%, and the trading sector about 12%.
High-tech and advanced technology industries were impacted around 11%, and food and beverage industries about 6%, according to the same source.
“The damage in the battle zones was more serious, but losses to the business world occurred nationwide, and almost no sector was spared,” he added.
“The damage caused is enormous in all aspects of the Israeli economy,” he continued.
Also Read: Indonesia, Kenya Strengthen Cooperation in Countering Violent Extremism
Ultimately, companies will cease operations due to their inability to pay debts, as well as damages affecting customers, suppliers, and related companies that are part of their working systems, he added.
“In addition to companies that closed their businesses, there has been a sharp decline in business activities in various sectors since the beginning of the war,” said Yoel Amir. (T/RE1/P2)
Mi’raj News Agency (MINA)
Also Read: Six Arab Countries Reject the Relocation of Gaza Residents
Mina Indonesia
Mina Arabic
Mina Sport