Israeli government spending on the war in 2024 has raised the national debt to 69% of GDP, with the overall debt reaching 1.33 trillion shekels.
Israeli Ministry of Finance announced that government spending on the war with Palestinian and Lebanese resistance groups Hamas and Hezbollah has reached 100 billion shekels ($30 billion) in 2024, leading to an increase in the national debt to 1.33 trillion shekels. This has raised the debt-to-GDP ratio to 69%, according to The Times of Israel.
The total government debt rose from 1.13 trillion shekels in 2023 to 1.33 trillion shekels in 2024. As a result, the debt-to-GDP ratio, a key indicator of economic and financial health, increased to 69% by the end of last year, due to rising borrowing needs and the costs associated with the war effort.
ISRAEL’S COST OF WAR IS $67 BILLION BY YEAR’S END LEADING TO FURTHER DISINVESTMENT
“The Bank of Israel estimated in May that costs arising from the war would total 250 billion shekels ($66 billion) through the end of next year, including military outlays and civilian expenses,… pic.twitter.com/i9zPKcQ0EF
— ashok kumar 🇵🇸 (@broseph_stalin) October 20, 2024
The debt-to-GDP ratio rose from 61.3% in 2023, with a cumulative increase of 9% over the past two years.
Yali Rothenberg, the Israeli Ministry of Finance’s Accountant General, stated, “The 2024 debt-to-GDP ratio reflects the government’s response to the significant wartime needs, both on the security and civilian fronts.”
He added, “Despite the expected rise in defense budgets in the coming years, we must return to a downward trajectory for the debt-to-GDP ratio as soon as possible.”
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Earlier, the Bank of Israel estimated that the cost of the war effort would reach about 250 billion shekels in defense spending, civilian needs, and lost tax revenue from 2023 to 2025.
According to an earlier analysis by Calcalist newspaper, despite official claims of a manageable deficit, the reality appears bleaker. The analysis suggests that the true deficit is around 7.2% of GDP, equating to roughly 142 billion shekels ($39 billion).
(PC, AL-Mayadeen, Israeli Media)
I hope they all kill each other. Then, and only then will we have peace. Clearly they’re above the so-called law, so why bother waiting for them to be arrested and face trial? F#ck the Nuremberg type trials, go straight to the death penalty.