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