Coronavirus steps expected to cause $12 billion loss to Israel’s economy

The Finance Ministry’s chief economist, Shira Greenberg, estimates that the damage to Israel’s economy resulting from the far-reaching steps announced tonight by the government to contain the coronavirus will be NIS 45 billion ($12 billion).

Shira Greenberg, chief economist of the Finance Ministry, attends a press conference at the Finance Ministry office in Jerusalem, September 23, 2019. (Flash90)

The gross domestic product (GDP) is expected to drop by NIS 25 billion ($6.6 billion).

While cautioning that there is currently great uncertainty regarding the future impact of the pandemic on the global market, Greenberg says the growth in Israel’s economy is estimated to drop by three percent, reducing the state’s revenue by 1.2%.

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