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Danger looms over Israel's economy as credit rating lowered
Posted on July 31, 2023 |
The political and social pressures will have negative effects on Israel's economy and security as its sovereign credit rating is lowered.
In April, the credit rating agency, Morgan Stanley declared Israel’s sovereign credit rating at A1 but lowered the outlook on the government's credit ratings to stable from its positive status.
68% of start-ups had already relocated their headquarters outside of Israel, withdrawn cash reserves, conducted layoffs, and moved employees abroad in reaction to the judicial reform’s upcoming effects on the economy.
Hundreds of economists, professionals, and executives in Israel and the world asserted that economic insufficiency as a result of a weakened legal system will decrease foreign investment.