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Israel
By Shimon B. Lifkin
YERUSHALAYIM -
Thursday, December 24, 2020 at 4:27 pm | ט טבת תשפ א
A municipal inspector at the Mahane Yehuda Market in Yerushalayim during a lockdown earlier this year due to the coronavirus. (Yossi Zamir/Flash90)
In the best-case scenario–of a lockdown that’s over in two weeks–the cost to the economy will run into billions of shekels, with soaring unemployment and thousands of businesses closing permanently.
The bill for the shuttering of businesses across the country will be roughly 26.8 billion shekels, if it lasts no longer than three weeks, according to a study by Roby Nathanson, CEO of the Macro Center for Political Economics, reported Ynet on Thursday.
How much will the third nationwide lockdown cost Israel?
With all trade shuttered for at least two weeks, unemployment benefits are expected to increase as 100,000 people are furloughed; many will have no jobs to go back to when restrictions are lifted, causing families to earn and spend less
Gad Lior |
Published: 12.24.20 , 18:11
The estimated cost of the third nationwide lockdown that will begin on Sunday is set to run into the tens of billions of shekels, even if it is to last only two weeks - and certainly if it is extended further.
Most of the damage will come from shuttering commerce and again funding furlough for more than 100,000 employees, many of whom will have no job to go back to. The government will have to pay billions in unemployment.