BREAKING NEWS

BoI: Israel unemployment rate likely to stand at 7% by year's end

MARCH 24, 2020 18:00

Israel's current measures to contain the novel coronavirus are likely to result in an unemployment rate of approximately 7% - an increase of 150,000 people - by the end of 2020, according to Bank of Israel estimates published on Tuesday.

Damage to Israel's GDP is estimated to reach NIS 50 billion ($13.9b.), although this is likely to increase should the outbreak continue beyond current expectations or further restrictions on economic activity are implemented.

"We must help individuals whose company or turnover has been impacted, and they must continue to meet their ongoing expenses," said Bank of Israel Governor Prof. Amir Yaron. "We also need to help those who have been made redundant, or have been placed on unpaid leave and their income has been affected dramatically. This is what governments around the world are doing, and on a huge scale."

While welcoming financial aid measures already announced by the Finance Ministry, Yaron said it will be necessary to establish a "significant financial safety net" of at least NIS 15b. ($4.2b.).

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