Since the Hamas attack on October 7, 2023, Israel has engaged in extensive military operations, exacerbating its economic strain. The country has ramped up military expenditure significantly, with defense spending reaching $46.5 billion in 2024, which marks a 65% increase and constitutes 8.8% of its GDP. This surge in spending coincides with labor shortages, as many reservists leave their civilian jobs to serve, and work permits for Palestinians have been revoked, complicating job vacancies. The future outlook remains uncertain, challenging both the economy and societal stability.
War is expensive and deeply impacts Israel's economy, with soaring military spending and significant job shortages due to the ongoing conflict with Hamas and Hezbollah.
Israel's military spending for 2024 grew by 65% to reach $46.5 billion, amounting to 8.8% of its GDP, second only to Ukraine.
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