As “Israel” Sinks more into Gaza Quagmire, Economy Plunges almost 20%

By Staff, Agencies

“Israel’s” economy shrank by far more than expected in the final quarter of last year in the wake of the war on the besieged Gaza Strip, marking sharpest contraction since the pandemic.

“Israel’s” Central Bureau of Statistics said in a statement that economy plunged 19.4% in the final three months of 2023, as significant resources were diverted to the entity’s military engagement in the war on the coastal sliver.

That is the equivalent of a fall of 5% between October and December.

According to British daily business newspaper the Financial Times, the significant downturn in Israel’s economy was partially due to mobilizing 300,000 reservists, who abandoned their jobs and businesses for extended presence in the military.

Other factors involved the “Israeli” entity’s funding housing for over 120,000 settlers, who left the northern and southern regions of the 1948-occupied territories close to the border with the Gaza Strip.

The IMF has issued a stern warning about the economic impact of “Israel’s” ongoing aggression against the Gaza Strip.

On February 9, Moody’s Investors Service decided to downgrade “Israel’s” credit rating.

It lowered “Israel’s” credit rating from A1 to A2, underscoring the economic damage of the entity’s genocidal war on Gaza, which has resulted in thousands of human casualties and stoked geopolitical tensions around the world.