ECONOMIC BOYCOTT COSTS ISRAEL 8 BILLION DOLLARS

Ramallah, 21 Rabi’ul Akhir 1435/21 February 2014 (MINA) – Anadolu news agency quoted economic experts as saying that economic boycott would cost Israel U.S. $ 8 billion, in addition to the dismissal of more than 10 thousand Israeli workers.

The EU, which is considered Israel’s second largest market for exports (32% of the export market), has officially started academic, commercial and investment boycott to Israel. European countries have started since the beginning of 2014 banning Israeli settlements’ products, according to John Gatt-Rutter, the EU representative to the West Bank.

Three European companies bidding to build private seaports in Haifa and Ashdod dropped out this week of the Israeli government’s tender due to economic boycott. For its part Deutsche Bank, Germany’s largest bank, declared its boycott to Israel’s Hapoalim Bank.

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Gracie Barhoum, specialist in Israeli economy, stated that European boycott to Israel is still individual cases carried out by EU companies and institutions, but it has achieved an important part of its aims, and caused a state of panic within the Israeli occupation government.

Gracie quoted Israeli occupation Finance Minister Yair Lapid as saying that the boycott campaign could cost the economy nearly $8 billion annually, in addition to the dismissal of more than 10 thousand Israeli workers, Palestinian Information Center (PIC) reported as quoted by Mi’raj Islamic News Agency (MINA).

Israeli Export Institute has expressed fears earlier this year of declining GDP and Israeli exports to the EU countries that represent 32% of Israel’s export market.

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For his part, Antoine Shalhat, a Palestinian political analyst at the Palestinian Center for Israeli Studies, said the Israeli will witness larger declines in gross domestic product and labor market.

According to Gracie and Shalhat, Israeli government will start dismissing Arab workers as a response to EU decision to boycott Israeli exports.

According to Israel Central Bureau of Statistics, approximately 25% of Palestinians living in the OPT are unemployed. (T/P03/E01)

Mi’raj Islamic News Agency (MINA)