Israel’s Tech Boom Masks Growing Economic Inequality, Experts Say Maya Margit
Record-breaking high-tech industry gains are not translating into wider economic benefits for majority of Israelis
Israel’s high-tech boom is masking a worrisome economic split between those working in the sector and those working in other industries, experts warn.
Unlike other sectors, Israel’s high-tech arena has not slowed down due to the pandemic. In fact, the COVID-19 crisis has led to some massive gains for tech firms in the start-up nation, with several raising record-breaking amounts from investors in recent months.
As a result, tens of thousands of tech workers have gone on to become millionaires, according to the Globes English news website. Moreover, Israel has for the first time broken into the top 20 global economies in gross domestic product per capita, coming in at roughly $43,000 for the past year, data from the International Monetary Fund show.