Israel is a Middle Eastern country on the Mediterranean Sea. As per the International Monetary Fund, the GDP of the country was $387.7 billion in 2019 with a growth of around 1% as compared to last year. The economy of the country is one of the most technologically advanced globally. The country has expertise in IT and security systems. The country exports a number of cyber security and defense products all across the globe. However, with the outbreak of COVID-19, a slowdown in all major economies has been witnessed due to which the exports and tourism sector of the country can be affected in the near future. The country exported products and services of around $16.8 billion and $4.9 billion to the US and China respectively, which is among the most affected countries due to COVID-19.
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Moreover, by 2nd April 2020, the country has registered more than 6,300 cases and 33 fatalities due to the COVID-19 pandemic. The health minister and his wife of the country were also found infected by the coronavirus. In order to prevent the spread of the coronavirus, the country has announced some restrictions on the public from 11th March 2020 which gets stricter as the cases increased in the country.
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On the basis of industry classification, the impact of COVID-19 pandemic on Israel's economy is studied into energy, healthcare, retail & e-commerce, aviation, manufacturing, travel & tourism, and others. Most affected sectors in the country include aviation, tourism, and other temporary works. After the COVID-19 pandemic, air traffic has reduced by 98% at the Ben Gurion Airport. Only three airlines are operating in the country including United Airlines, Ethiopian Airlines, and Aeroflot. Moreover, the number of airline passengers has reduced by 1.6 million and occupancy level has declined to 10% from 80%. The tourism sector is one of the major sources of income for the country. In 2018, the travel and tourism sector contributed around 5.9% to the country’s GDP, which will significantly reduce in 2020 due to the COVID-19 pandemic.
Key companies operating in Israel whose business operations are affected due to COVID-19 include Teva Pharmaceutical Industries Ltd., El Al Israel Airlines Ltd., Israir Airlines Ltd., Fattal Hotel Chain, Magal Security Systems Ltd., NICE Systems Ltd. among others. Significant demand in the healthcare segment can be witnessed in the country due to the COVID-19 pandemic. For instance, Teva Pharmaceutical Industries Ltd. is one of the largest generic drug manufacturers across the globe. The company has a plan to donate more than 10 million tablets of hydroxychloroquine sulfate to US hospitals within a month due to a rapid increase in demand. Hydroxychloroquine sulfate is a malaria drug and a potential treatment of the COVID-19.
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Verticals Affected Most
• Retail & E-commerce
• Travel and Tourism
• Others (Construction, Electronics)
• Abraham Hostels
• Dan Hotels Ltd.
• Delek Group Ltd.
• El Al Israel Airlines Ltd.
• Fattal Holdings Ltd.
• Israir Airlines Ltd.
• Magal Security Systems Ltd.
• NICE Systems Ltd.
• Shufersal Ltd.
• SodaStream International Ltd. (PepsiCo, Inc.)
• Teva Pharmaceutical Industries Ltd.
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