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Business 

Unemployment Rate 

Last October, the unemployment rate in Israel rose to about 10% due to the war in the Gaza Strip. This war led to the displacement of many Israelis who were living near the border with Gaza. Before the war, the unemployment rate was 9.6%, with 163,600 people unemployed. But after the war, the number of unemployed people increased to 428,400.

Effects on the Economy

The low unemployment rate in Israel was helping the economy grow. However, with many people losing their jobs or being on vacation, the economy is expected to shrink in the last quarter. It is projected to grow by only 2.3% in 2023, which is lower than expected.

Job Opportunities

Due to the war, the number of job vacancies decreased by 18%. There were fewer opportunities for waiters, bartenders, chefs, and programmers. However, there was an increased demand for workers in the construction industry because Palestinian workers were not allowed to enter the country. Jobs like plasterers, masons, floor tile layers, construction frame workers, and home builders saw an increase in vacancies.

Challenges in the Labor Market

The Israeli labor market is facing major challenges. The Ministry of Finance plans to provide compensation payments to companies to help them recover from the loss of income and other expenses caused by the war. The situation is still uncertain, and the market is going through significant changes.

War's Impact on Gaza

The war in Gaza has been devastating, causing the loss of many lives. More than 13,000 Palestinians, including over 5,500 children and 3,500 women, have been killed by Israeli air raids. Additionally, more than 30,000 people have been injured, with 75% of them being children and women.

Source: Agencies