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It was a paid ad by a group of high-tech companies protesting against Netanyahu's judicial policies, which analysts say have unleashed a slew of risks, both for Israel's economy and for his own political future. Israel's shekel moved on every twist and turn in parliament as efforts to reach a judicial compromise intensified and finally crashed. For now, Israel's economy is relatively robust, with growth forecast at 3% this year and unemployment at a 3.5% rate. Even if Netanyahu chooses to scrap plans for further judicial changes, damage will be hard to fix. The tech sector has a lot to lose if more controversial judicial changes come because firms need a trusted legal system to protect their intellectual property.

Persons: Netanyahu, Moody's, Benjamin Netanyahu, Israel's shekel, Morgan Stanley, Itzchak Raz, Netanyahu's, They're, Raz, Avi Hasson, Nicholas Farr, Amir Yaron, Amotz Asa, Asa, Shalom Hartman, Maayan Lubell, William Maclean Organizations: Government, Hebrew University, Israel Innovation Authority, Nation Central, Capital Economics, Analysts, Bank, Thomson Locations: JERUSALEM, Israel, Jerusalem

An official in Netanyahu's office played down concerns, saying: "The prime minister along with the finance minister intend to pass a responsible budget in the coming weeks that will serve all Israelis. "The finance clerks don't understand Haredim," ultra-Orthodox lawmaker Yizhak Pindrus told Kan radio. Finance Minister Bezalel Smotrich said the funds would fix years of injustice toward the Haredim, whose children often are packed into derelict classrooms. Government figures already forecast Israel's economic growth will ease in 2023 from 6.5% in 2022 to about 2.7% and down from the 3% forecast in January. "Netanyahu has sold Israel's economy and our children's future in order to stay in power," said opposition leader Yair Lapid.

[1/2] Israeli Prime Minister Benjamin Netanyahu looks on as he convenes a weekly cabinet meeting amid surge of violence in Jerusalem and the West Bank, at the Prime Minister's office in Jerusalem, January 29, 2023. The blue-chip Tel Aviv 35 index (.TA35) was 1.% lower in afternoon trade, while the broader TA-125 index (.TA125) dipped 1.7%. Israeli Prime Minister Benjamin Netanyahu's office declined to comment to Reuters. Critics have said the move will compromise the independence of the judiciary and undermine Israel's democratic system of checks and balances. There was no sign of a large-scale military operation in the works, and Netanyahu said Israel was not seeking an escalation.

[1/4] Israelis protest against Prime Minister Benjamin Netanyahu's new right-wing coalition and its proposed judicial reforms to reduce powers of the Supreme Court, in Tel Aviv, Israel January 21, 2023. Israeli tech isn't going anywhere. FIDUCIARY RESPONSIBILITYIn a country rife with divisions over the conflict with the Palestinians and matters of synagogue and state, Israel's tech sector has generally stayed out of sensitive political debates. For some of those running tech businesses in Israel the judicial reforms plans may have tipped the scales. Additional reporting by Rami Amichay and Emily Rose in Tel Aviv; Writing by Maayan Lubell; Editing by James Mackenzie and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

Rybnikov, the main credit analyst for Israel, said risks to the country's ratings are currently balanced but that could change. The past year has seen some of the worst violence in the West Bank in years. On Thursday, the pro-settlements Finance Minister Bezalel Smotrich met with defence officials to begin transferring some West Bank administration powers over to him, according to a Finance Ministry statement. "Hardline rhetoric that undermines the fragile situation in the West Bank could generate risks as well," Rybnikov said. Rybnikov projects Israel's budget deficit at 2% of gross domestic product this year after a 0.6% surplus in 2022.

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