Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent in South Lebanon: Israeli drone strikes town of Harouf, Nabatieh district.
Factions' statement: The attendees agreed to support and continue implementing the ceasefire agreement measures, including the withdrawal of the occupation and lifting the siege.
Factions' statement: Calling for an end to all forms of torture and violations against prisoners in occupation prisons and the necessity of obligating the occupation to do so.
Statement: The current moment is crucial, making the meeting a true turning point toward national unity in defense of our people and their right to life, dignity, and freedom.
Factions' statement: Call for an urgent meeting of all Palestinian forces and factions to agree on a national strategy.
Factions' statement: Continuing joint work to unify visions and positions to confront the challenges facing the Palestinian cause.
Statement of the factions: Emphasis on the unity of the Palestinian political system and the independent national decision.
Statement: Approval to establish an international committee to oversee the financing and implementation of the reconstruction of the Gaza Strip.
Statement: The committee is responsible for managing life and services in cooperation with Arab brothers and international institutions, based on transparency and accountability.
Resistance factions' statement: Agreement to hand over the administration of the Gaza Strip to a temporary Palestinian committee of independent technocrats.

Israeli economy 'is a sinking ship': Israeli media

  • By Al Mayadeen English
  • Source: Al Mayadeen & Israeli media
  • 31 Aug 2024 16:39
  • 2 Shares
4 Min Read

Maariv states that Finance Minister Bezalel Smotrich is contributing to the worsening state of the economy amid the war on Gaza, and aggression in the West Bank and occupied North.

Listen
  • x
  • Israeli Finance Minister Bezalel Smotrich speaks at the Knesset in occupied al-Quds, on July 10, 2023. (AP)
    Israeli Finance Minister Bezalel Smotrich speaks at the Knesset in occupied al-Quds, occupied Palestine, on July 10, 2023. (AP)

Israeli Finance Minister Bezalel Smotrich does not have a clue about the economy amid his nonchalance toward the worsening economic situation in "Israel" in light of the 11-month multi-front war, Israeli Maariv journalist Natan Zahavi said on Saturday, citing experts.

According to Zahavi, Smotrich, who has a controversial past, is color-blind and does not see the flashing red lights warning that the ship is on the verge of crashing and sinking. He also "neglects the investors that are abandoning the sinking ship, and he does not listen to the directors of credit rating companies who downgrade Israel's rating and warn of the seriousness of the situation and downgrade the rating again."

Smotrich also does not realize that tourists are no longer visiting "Israel", and that hotels and tourism companies lack revenue while the minister ignores their cries for help. 

"The arrogant, over-confident Smotrich is using public funds as if they were his own, distributing interest and grants to sheep from his pastures and turning a blind eye to the farmers whose fields were burned by the fires of Gaza and Hezbollah," Zahavi added. 

He also addressed the worsening state of the healthcare system, exposing the sharp deficit in doctors, psychologists, and budgets for the rehabilitation of those impacted by the war, in addition to the immigration of doctors to work abroad and not return. 

Moreover, the cost of living and airfare prices in "Israel" are skyrocketing, with the latter being the highest in the world, in addition to "increasing reports from economics departments about high-tech technicians leaving abroad." 

Related News

Israeli media: Netanyahu gets 'cold shower' in Washington

Benjamin Netanyahu 'is a terrible man, a serial liar': Israeli media

Despite these realities, "Smotrich seems confident that Israel is an economic paradise when speaking during different events or interviews, and thinks he has the situation under control," Zahavi said, adding that he suggests ministers should resign when they criticize or warn him. 

'Israel's' economy is suffering and economists say the solution is to end the war

The nearly year-long onslaught on Gaza has severely harmed the Israeli economy and resulted in higher deficits, worse credit ratings, a damaged tourism sector, and continued public spending.

The financial costs of rebuilding, paying casualties, and improving defense systems have been significant. Economist Jacob Sheinin predicted a $14 billion GDP loss this year, citing that "we are losing much more."

Despite Prime Minister Netanyahu's claims that the damage is just temporary, the protracted aggression has had a significant impact on small enterprises, international trust, and tourism.

Leading economists believe a ceasefire is the only way to halt the harm. According to Sheinin, "If we are stubborn and continue this war, we will not recover."

The Israeli occupation's economy slowed the most among the 38 members of the Organization for Economic Cooperation and Development (OECD) from April to June, as "Israel's" protracted war on Gaza continues to hinder its financial standing.

According to the OECD, "Israel experienced the most significant slowdown" as GDP plummeted from 4.1% in the first three months of the year to 0.3% in the second quarter. According to preliminary estimates, the OECD's GDP increased by 0.5% in the second quarter of 2024, matching the rate of the previous quarter. According to the figures, the US economy grew by 0.7% in the second quarter, up from 0.4% in the first.

In May, the OECD reduced the Israeli economy's growth prediction for this year to 1.9% from 3.3%, with a projected 4.6% in 2025. The Bank of Israel dropped its 2024 growth prediction to 1.5%, while the Finance Ministry expects 1.9% growth this year.

  • Maariv
  • war on Gaza
  • Israel
  • Israeli economy
  • Israeli occupation
  • Bezalel Smotrich
  • Gaza
War on Gaza

War on Gaza

Most Read

From previous scenes of the Qassam Brigades targeting an Israeli D9 bulldozer with a Yassin 105 shell, east of Deir al-Balah. (Military Media of the Qassam Brigades)

US knew fatal Rafah blast cause was not Hamas op., says journalist

  • Politics
  • 20 Oct 2025
'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

'Israel’s Digital Iron Dome: Weaponizing the web against Palestine

  • Technology
  • 24 Oct 2025
Abu Hamza, the spokesperson for the Al-Quds Brigades, during a speech televised on October 22, 2025 (Al-Quds Brigades Military Media)

Al-Quds Brigades' Abu Hamza mourns leaders, vows continued resistance

  • Politics
  • 22 Oct 2025
US missionary kidnapped in Niger capital, suspected taken toward Mali

US missionary kidnapped in Niger capital, suspected taken toward Mali

  • Africa
  • 23 Oct 2025

Coverage

All
War on Gaza

Read Next

All
The Mann beach lighthouse stands next to Naufragio Bay in San Cristobal, Galapagos Islands, Ecuador, May 2, 2020. (AP)
Politics

Ecuador's Noboa considering hosting foreign military bases

Inside Rubio's push for government change in Venezuela: DropSite
Politics

Inside Rubio's push for government change in Venezuela: Drop Site

Maduro rejects US accusations, highlights ties with Colombia
Politics

Maduro rejects US accusations, highlights ties with Colombia

Pentagon accepts $130M anonymous donation during shutdown
Politics

Pentagon accepts $130 mln anonymous donation during shutdown

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS