Israel's economic recovery from COVID-19 will take years, report finds

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Israel's economic recovery from COVID-19 will take years, report finds
Returning to full employment will probably take a number of years.
By ZEV STUB
DECEMBER 31, 2020

The economic effects of the pandemic will continue to be felt in Israel for a long time, with poverty levels growing, according to a report published by the Taub Center for Social Policy. “The economic recession that resulted from the pandemic and the massive unemployment that accompanied it have had a deleterious effect on the incomes of hundreds of thousands of families over a period of many months,” the report said. “The main victims are populations with a weak labor market status who have few support systems and little economic cushion. This is particularly true of younger workers,” as well as those in near or after retirement age.

While Israel’s unemployment rate was a healthy 3.4% at the end of 2019, that figure ballooned during the crisis, peaking at 22% in April. Projections show the full-year average to come in somewhere between 15 and 20%. Measures of inequality also rose an estimated 1.5 to 4%, the report said. Returning to full employment will probably take a number of years. The Finance Ministry projects that the unemployment rate will range between 7.2% and 10.2% a year from now, and continue falling gradually after that.

more.............. https://www.jpost.com/israel-news/i...-covid-19-will-take-years-report-finds-653889
 
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