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☆ From a likely recession to a weakening shekel, here's how the conflict with Hamas is impacting Israel's economy and markets
▼ + stars: | 2023-10-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

The conflict with Hamas that began October 7 will have widespread financial implications for Israel. A top Israeli economist said a recession in Israel is likely, and Fitch put the country's credit rating on watch for downgrade. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Yet in less than two weeks, Israel's shekel has weakened about 4.8% to hit multi-year lows against the dollar. The Financial Times reported Tuesday that Bank of Israel deputy governor Andrew Abir said policymakers would prioritize stabilizing the currency over growth.

Persons: Fitch, —, Joe Biden, Benjamin Netanyahu, Joseph Zeira, Zeira, Israel's shekel, Andrew Abir, Lee Hardman Organizations: Hamas, Service, Tel, Israel's Defense Forces, Hebrew University, CNBC, Bank of Israel, Traders, Deutsche Bank, Financial Times, MUFG Bank Locations: Israel, Palestinian, Tel Aviv, Gaza, Israeli, Iran

☆ A top Israeli economist says a recession is almost certain as leaders warn of a long war
▼ + stars: | 2023-10-19 | by ( Jason Gewirtz | ) www.cnbc.com time to read: +4 min

The war has also left much of Israel's economy in limbo. More than 360,000 reservists, the backbone of Israel's Defense Forces, are now in uniform and away from their jobs. A recession is almost guaranteed, Zeira predicts, as many parts of Israel are facing a drop in productivity. Donated clothing at Varonis' Israel headquarters Photo: Guy MelamedThe war is having a particularly big impact on Israel's dynamic tech sector. When Israel went to war with Hamas earlier this month, Varonis told its 750 Israel-based employees to work from home.

Persons: Turgut Alp Boyraz, hasn't, Joseph Zeira, Zeira, Israel aren't, Fitch, Benjamin Netanyahu, Guy Melamed, Israel that's, Israel, Varonis, Read, Melamed Organizations: Getty Images, Anadolu Agency, Getty, Israel's Defense Forces, Hebrew University, Israel's Ministry of, CNBC Locations: SDEROT, ISRAEL, Gaza, Sderot, Israel, Anadolu, Israeli, Tourism, Iran, Lebanon, Zeira, Herzliyah, Tel Aviv

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