fbpx
Saturday, June 6, 2020

Coronavirus Sparks Fears of Israeli Economic Catastrophe

Enjoying this article?

You'll love our roundtable.


By submitting this form, you are consenting to receive marketing emails from: Jewish Journal, 3250 Wilshire Boulevard, Los Angeles, CA, 90010, http://www.jewishjournal.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Some industry experts in Israel are warning that if the Israeli government is unable to get a handle on the coronavirus, the Jewish state could face a major economic calamity.

The Jerusalem Post reports that Arnon Bar-David, the leader of Israel’s Histadrut trade union, said on March 10, “This is the final hour, the last call, before the total collapse of entire industries in the Israeli economy,” citing layoffs in various industries as an example. He urged Israeli Prime Minister Benjamin Netanyahu to issue grants to business in tourism and aviation. Histadrut (General Organization of Workers) is a national trade union representing the majority of the country’s trade unionists.

“If the government does not wake up, and the prime minister does not start managing the situation, working together with the Histadrut and the employers, then we are on the verge of the Yom Kippur of the Israeli economy,” Bar-David said.

Israel Hotel Association President Amir Hayek also gave a statement to the Post warning that 60% of employees in the hotel industry could suffer layoffs because of the slowdown in tourism as fear of the coronavirus spreads unless the government provides some form of financial assistance. Reportedly, about 4,000 of the 41,000 hotel workers have been put on unpaid leave and layoffs among temporary workers have begun.

However, Bank of Israel Gov. Amir Yaron said that many economists expect any economic damage to subside at the end of June and the economy will rebound — assuming that Israel is able to successfully contain the virus, according to the Times of Israel. He encouraged banks to tap into their $4 billion in surplus capital.

“If each bank and the other banks in the system ease their credit policy even slightly, it will help in overcoming the cash flow difficulties that may weigh down on healthy economic activity, and the economy will weather the intermediate period,” Yaron said.

On March 9, Netanyahu announced that all travelers entering Israel will be quarantined for 14 days.

“This is a difficult decision, but critical to maintaining the health of the Israeli public,” Netanyahu said. “And the health of the public is above all. The decision will be in force for two weeks, and at the same time we are making decisions to preserve Israel’s economy.”

According to Bloomberg, the coronavirus could result in $2.7 trillion in lost GDP output worldwide.

Enjoyed this article?

You'll love our roundtable.


By submitting this form, you are consenting to receive marketing emails from: Jewish Journal, 3250 Wilshire Boulevard, Los Angeles, CA, 90010, http://www.jewishjournal.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Latest Articles

CA to Allow Bars, Gyms, Schools, Sporting Events to Reopen June 12

California will start allowing bars, gyms, schools, summer camps and professional sporting events to start reopening on June 12. The Associated Press reported the state...

Meet the Boogaloo Bois, the Violent Right-Wing Extremists Who (Mostly) Don’t Hate the Jews

There are men showing up to the George Floyd protests in body armor and Hawaiian shirts and they want to start a civil war.

Israeli BDS Activist Seeking Asylum in Canada Will Be Deported Back to Israel

An Israeli activist who had tried to claim asylum in Canada as a refugee is getting deported back to Israel.

Jewish Federation of L.A. Calls for ‘Immediate Action’ From Government Officials to Hold Police Accountable

The Jewish Federation of Greater Los Angeles (JFLA) will not tolerate system racism or police brutality within the Jewish community or any community. In its...

How Jews Can Be Better Allies to Black Americans

Many Jews are looking to be better allies against racism. Here's how.

Ohio Gov Removes National Guard Member From D.C. for Allegedly Espousing White Supremacy

Ohio Gov. Mike DeWine (R) announced on June 5 that he was removing a member of the Ohio National Guard from Washington, D.C., due...

York University Announces Measures to Address Anti-Semitism on Campus

York University in Toronto announced on June 2 that the university is going to be undertaking a series of measures to address anti-Semitism on...

This Week Taught Me How Out of Touch I Am About Race

Like many Americans, my opinions on these subjects, although well-meaning and no doubt PC, were nonetheless shallow.

Should My Business Be Sacrificed to Fight Police Brutality?

How does a business owner deal with this reality?

Watching ‘Uncut Gems’ Will Inspire You to Reexamine Black-Jewish Relations

Describing “Uncut Gems” as that movie that brought Adam Sandler rave reviews for playing a New York Jewish diamond dealer doesn’t do it justice.

Culture

Watching ‘Uncut Gems’ Will Inspire You to Reexamine Black-Jewish Relations

Describing “Uncut Gems” as that movie that brought Adam Sandler rave reviews for playing a New York Jewish diamond dealer doesn’t do it justice.

The Israel Film Center Festival Goes Virtual this Year. Here’s What You Need to Know

With theaters closed because of the COVID-19 pandemic, movie releases largely have gone virtual, allowing fans to screen the latest films at home. This...

Black Jewish Woman Speaks out on Racism She Experienced at L.A. Jewish Day Schools

"As a black Jew, I've never faced more racism in my life than I have from the Jewish community and Jewish schools."

‘Mrs. America’ Is a Love Letter to Jewish Women

Who else could stand up to a figure as formidable, organized and savvy as Phyllis Schlafly?

Amid Accusations, Lea Michele Apologizes for Racist Behavior

The meal-kit company HelloFresh also responded quickly, terminating its relationship with Michele.

Latest Articles
Latest

CA to Allow Bars, Gyms, Schools, Sporting Events to Reopen June 12

California will start allowing bars, gyms, schools, summer camps and professional sporting events to start reopening on June 12. The Associated Press reported the state...

Meet the Boogaloo Bois, the Violent Right-Wing Extremists Who (Mostly) Don’t Hate the Jews

There are men showing up to the George Floyd protests in body armor and Hawaiian shirts and they want to start a civil war.

Israeli BDS Activist Seeking Asylum in Canada Will Be Deported Back to Israel

An Israeli activist who had tried to claim asylum in Canada as a refugee is getting deported back to Israel.

Jewish Federation of L.A. Calls for ‘Immediate Action’ From Government Officials to Hold Police Accountable

The Jewish Federation of Greater Los Angeles (JFLA) will not tolerate system racism or police brutality within the Jewish community or any community. In its...

How Jews Can Be Better Allies to Black Americans

Many Jews are looking to be better allies against racism. Here's how.

Hollywood

Harvey Weinstein Accused of Sexual Assault by 4 More Women, Including Minor in New York Lawsuit

A new lawsuit filed against Harvey Weinstein in New York city accuses the former film producer of raping four women, including one who was...

Lil Dicky Is the Larry David of Rap in His Show ‘Dave’

If you haven’t heard of the comic rapper Lil Dicky, and you are at least tangentially interested in rap or comedy, you should familiarize...


‘Love & Stuff’ Sees Life, Death and Motherhood Through a Jewish Lens

How do you cope with both the death of a parent and the artifacts she left behind, while preparing to become a mother yourself...

Podcasts

Pandemic Times Episode 53: Are We Turning the Corner of Pandemic Times?

New David Suissa Podcast Every Morning. Reflections on how one mega-story has taken over another, and what it means moving forward. How do we manage our...

Pandemic Times Episode 52: Dealing with the Rise of Jew-Hatred

New David Suissa Podcast Every Morning. Author Severyn Ashkenazy discusses the plague of anti-Semitism and his new book, Swords of the Vatican, Reflections of a...

More news and opinions than at a Shabbat dinner, right in your inbox.


By submitting this form, you are consenting to receive marketing emails from: Jewish Journal, 3250 Wilshire Boulevard, Los Angeles, CA, 90010, http://www.jewishjournal.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

x