New Stats Show Coronavirus Pandemic’s Massive Negative Impact on Israeli Economy
New statistics from the Israeli Employment Service released Tuesday revealed the massive negative impact of the ongoing coronavirus pandemic on the Jewish state’s economy, with minorities and low-wage workers hit particularly hard.
Israeli news site N12 reported that, according to the numbers, 23.5% of Israelis were seeking employment by the end of May. In February, just before the pandemic struck, the number was 3.9%.
The Employment Service stated that the sudden shift from near-full employment to record unemployment rates would decrease workers’ bargaining power, depress wages and increase underemployment, especially among low-wage workers.
Israel’s minority communities have been particularly hard-hit by the pandemic. While 20.7% of Jews have been able to return to work, only 9.2% of Muslims, Christians and Druze had succeeded in doing so.
Moreover, the small rate of recovery appeared not to include low-wage workers. The professional sectors that have seen a high rate of return to work were medical (27.7%), finance (26.7%) and education (25.2%), all relatively high-paying.