Israel’s Economy Officially in Recession

Israel’s Central Bureau of Statistics published its economic findings for the second quarter of 2020, making official what most Israelis already instinctively knew – the country is in recession, the worst in over 40 years. According to the bureau, Israel’s Gross Domestic Product shrank at an annualized rate of 28.7% during the April-June months, with tourism, real estate and imported goods being hit hardest by the coronavirus pandemic and its fallout. Prime Minister Binyamin Netanyahu attempted to put a positive spin on the bleak news, releasing a video in which he claimed the news was in fact good by pointing to the fact that several European countries had been hit harder. Over the past two days, Israel’s coronavirus infection rate has spiked slightly to 8.7%, with nearly 400 people in serious condition. Over the past 24 hours, 10 people died, bringing the total death toll to 685.