Iran Press/ West Asia: JPMorgan Chase Banking Service Company announced that the economy of Israel shrank up to 11 percent in the last three months of the current year, due to the war on Gaza.
According to the banking service company, most of the investors began to extensively sell their Israeli stock shares.
The last time the size of Israel's economy shrank was in 2020 after the spread of coronavirus in the world.
The Israeli newspaper Yediot Aharonot reported that based on different hypotheses, the cost the Israeli war imposes on the regime will reach 200 billion shekels which is 10 percent of its GDP.
The Israeli newspaper said that based on the assessments, the war will last 8 months to one year, which means it will end at the end of 2024.
Still, since the beginning of the Israeli war on Gaza on October 7 until the end of October, the value of the Israeli top five banks' share in the regime's stock market has reduced by 20 percent.
Last month, the exchange rate of the shekel for the US dollar reached its lowest level since 2012, 4.08 shekels.
About 18% of the labor force of the Israeli regime was maimed in the first 26 days of the war, 46,000 others were dismissed from work, and 760,000 workers have not gone to work since the beginning of the war.
The production of agricultural goods in the occupied territories was highly influenced because the products were cultivated in the kibbutz around Gaza.
Sending a letter to the Israeli Prime Minister and Minister of Finance, 300 top Israeli experts warned about the economic collapse of the regime and addressed the ministers: "You are not aware of the extent of the crisis the Israeli economy faces with; you do not understand and must change your way."
The extensive air raids on the Gazan people mingled with a blockade on them came after the Palestinian resistance forces carried out the Operation Al-Aqsa Flood on the Israeli regime's forces on October 7 in response to the regime's daily crimes against the Palestinian people during 75 years of occupation of Palestine.
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