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Top related persons:
Zvi Eckstein - 1 Eckstein - 1 CNBC's - 1 SNPI - 1 Viola - 1 Israel - 1
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Tel Aviv Israel
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Kaplan - 1 Tiomkin School of Economics - 1 Policy Institute - 1

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☆ Israel’s economy will see a recession next year as protests persist, says former central bank deputy governor
  + stars: | 2023-07-14 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +1 min
Protesters attend a demonstration on Kaplan Street against the Israeli government’s plan to overhaul the justice system on July 11, 2023 in Tel Aviv, Israel. Fresh protests in Israel over a controversial judicial overhaul will deliver a significant slowdown to the country's economy, according to former central bank Deputy Governor Zvi Eckstein. It has also led to a "huge reduction" in investments in Israel's high technology sector, which is a linchpin of the Israeli economy, he said. "Most of the growth of the Israeli economy, about 40%, was generated by the high tech sector," said Eckstein, highlighting that there is currently an 80% decline in investment in the country's startup and growth companies. Israel's fintech sector, as well as enterprise IT, posted the biggest declines, plunging more than 80% year-on-year, the report also showed.
Persons: Zvi Eckstein, Eckstein, CNBC's, SNPI, Viola, Israel Organizations: Kaplan, Tiomkin School of Economics, Policy Institute Locations: Tel Aviv, Israel
☆ Israel tech firms to continue job layoffs in 2023 -report
  + stars: | 2023-05-16 | by ( Steven Scheer | ) www.reuters.com   time to read: +2 min
JERUSALEM, May 16 (Reuters) - Israeli high-tech firms have largely halted job hiring and many are expected to continue layoffs this year, a report on the country's tech sector showed on Tuesday. Israel's tech sector is a key growth driver, accounting for 15% of economic output, 10% of jobs, more than 50% of exports and 25% of tax income. On the heels of slower growth, tech firms raised $15 billion last year, down from a record $27 billion in 2021. In 2022, the number of employees in the high-tech sector increased by just 7.4%, versus 12% in 2021, the SNPI report said. Along with layoffs, one-third of companies do not plan salary raises in 2023, according to the report.
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