What Is The War Costing Israel?
A report says Israel-Hamas war incurs cost of USD 269 million/day. The war has adversely affected Israel’s GDP. Israel, as per a report, budgeted USD 22 Billion in one year. In May 2024, Bank of Israel chief Amir Yaron warned. The war against Hamas would cost USD 67 billion, in defense and civilian costs between 2023 to 2025. Fitch, Moody’s and S&P Global have downgraded Israel’s credit rating in 2024. Israel’s military spending, despite this, has been at an all-time high indicating that a further downgrade is possible. Israel is set to icrease its defence budget by 1.5% of GDP as compared to pre-war levels. This has resulted in increase in budget deficit by 4.2% of GDP in 2023 as compared to a 0.6% surplus in 2022 and a reduced overall GDP for Israel. As a result of this new budget, the deficit for 2024 has widened to 6.6 percent of Israel’s GDP. Israel’s economy only grew a meagre 2.0% in all of 2023 as compared to 6.5% in 2022. In recent times, Israel’s military spending has increased furthermore. Although Netanyahu has made lofty claims of eliminating Hamas during wartime, the claim comes at quite a cost, both on the human level as well as monetarily. Global markets have also been affected by Iran’s recent hit, which led to the increase in gold prices.
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