Judicial overhaul sparks emigration fears among Israelis: Reports
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Netanyahu's judicial overhaul has led tens of thousands of Israelis to consider leaving, the Times reports.
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Israeli police officers detain a settler protesting against the judicial overhaul at Ben Gurion Airport in Lod settlement, in occupied Palestine, Monday, July 3, 2023 (AP).
A new report by The Times shows that tens of thousands of Israelis are considering emigration which is triggering concerns over the economy and society's future.
A recent poll by Channel 13 indicated that 28% of Israelis were contemplating leaving the country, with a significant number already holding foreign passports.
Ocean Relocation, a firm assisting with immigration and emigration, reported an unprecedented surge in queries to leave "Israel" since January, with 90% of them being about emigration. Many cite concerns about their freedoms, human rights, and the current quality of life in the country as their primary reasons for considering relocation, the Sunday Times reported.
The "Jewish Agency for Israel" confirmed a noticeable drop in immigration during the first quarter of 2023 from almost Jew-hosting countries, which was attributed to the rising cost of living and apprehensions surrounding the government's planned judiciary overhaul.
Executives from the hi-tech industry have been vocal protesters against the judicial changes, with 80% of start-ups established this year opening outside of "Israel".
The hi-tech industry, a crucial driver of "Israel's" economy for the past decade, has borne the brunt of the reform's impact, with start-up funding dropping by nearly 70% in the first half of the year following the proposal's announcement.
In the medical sector, WhatsApp groups for doctors seeking to relocate have emerged, with around 3,000 doctors participating out of the country's total 30,000 registered practitioners.
Read more: Overhaul will inflict serious economic damage: Israeli economist
Earlier in July, former Deputy Governor of the Bank of "Israel", Zvi Eckstein, warned that "Israel" is on the path of a massive economic decline that will harm all Israelis.
During an interview for the Israeli channel Kan, Eckstein indicated that the judicial overhaul legislation threatens the authoritarian structure in "Israel", as well as the "national" consensus.
He pointed out that the judicial overhaul threatens the security capabilities in "Israel" and affects the desire of high-tech companies to invest in it, especially foreign investors.
Eckstein noted that "Israel" has a dramatic decline in high-tech investments compared to previous years, adding that the market shows uncertainty and a decline in economic activity.
In a previous interview for CNBC, the Israeli economist explained that "most of the growth of the Israeli economy, about 40%, was generated by the high tech sector," pointing out to an 80% decline in investment in the Israeli occupation's startup and growth companies, as well as the lack of growth in the Israeli occupation's stock market over the last half a year.
"Within a year, we will see a big, large slowdown in the economy … I see a huge drop going all the way to a recession in the next year," Eckstein predicted.
Read more: 'Israel's' crisis may bring down economy, investment with it: Experts
