JEWISH WORLD

22 JEWISH WORLD • AUGUST 11-17, 2023 ty for investors…. “The volume and density of inno- vation has made Israel a mandatory ” IT WILL BLOW “ YOUR MIND! -OPRAH WINFREY - I Telecharge.com or 212.239.6200 New World Stages 340 W. 50th St. moc.wohSelbbuBnoillizaG MORE UNBUBBLIEVABLE THAN EVER! LIEV destination for all leading investors and will likely create a dispropor- tionate number of category-defining Finland’s decision to join NATO. In addition, there is the rising Chinese threat to India and the Pacific Ocean countries and the sustained regional and global threat of Sunni (e.g., Mus- lim Brotherhood) and Shi’ite Islamic terrorism (Iran’s ayatollahs). • Israel is expected to double its nat- ural gas production to 40 billion cubic meters during the next few years, in response to the growing demand by Europe for alternative sources of natu- ral gas as it seeks to reduce reliance on Russian energy. As a result, there has been growing interest among interna- tional energy companies to invest in Israel’s gas exploration. For example, Chevron Corp. and Israel’s NewMed Energy and Ratio Energies—the part- ners in the Israeli offshore gas project, Leviathan—are investing $568 mil- lion to build a third pipeline. • Unemployment has declined to 3.5% (3% among women). In fact, a shortage of manpower is reported by hundreds of contractors and subcon- tractors, especially in export and de- fense-driven companies. • Israel’s GDP grewby 3.2%during the first quarter of 2023, compared to 3.1% during the previous quar- ter, while industrial investment grew by 16.2% following a 4.8% decline during the last quarter of 2022. Yoram Ettinger is a former ambas- sador and head of Second Thought: A U.S.-Israel Initiative. JNS.org . winners across sectors in the many years to come.” Irrespective of the political tur- moil associated with the judiciary controversy, the latest data indicates persistent growth in Israel’s high-tech sector in particular, and Israel’s econ- omy in general. According to Israel’s Central Bu- reau of Statistics, as presented on July 27, 2023, by senior Israeli economist Shlomo Maoz: • Notwithstanding the dramatic de- cline in foreign investment in Israel’s high-tech sector, Israel’s high-tech exports increased by 6.9% during the first five months of 2023, while do- mestic consumption of Israel’s high- tech products and services decreased by 0.2% during the same period. • The recent depreciation of the shekel compared with the U.S. dollar has benefitted Israel’s exports. • Industrial production in the high- tech sector expanded during the first fivemonths of 2023by5.6%more than the first five months of 2022, as reflect- ed by the 3% growth in the number of high-tech workers during the first five months of 2023, and the 3.6% rise in the number of working hours during the first five months of 2023. • Israel’s defense exports have surged due to the impact of the Rus- sia-Ukraine war upon the demand for advanced Israeli military systems, the substantial increase of Germany’s defense budget and Sweden’s and Israel’s Economy Is Growing Doomsayers appear to have spoken prematurely ByYORAMETTINGER A ccording to a July 17, 2023 Bloomberg report, a lead- ing global investment bank, the NYC-based Jefferies Financial Group, Inc., expects further growth in Israel’s tech sector “despite political unrest over government plans to over- haul the judiciary.” The report goes on to state that “While there are considerable un- certainties, we anticipate Israel’s tech ecosystem growth and matura- tion will only accelerate, creating a dominant and necessary opportuni- A protest against the government’s judicial overhaul, in Tel Aviv, on July 29. The unrest in the country has not, as many claim, undermined Israel’s economy. Despite domestic political unrest over its government’s judicial reform push, the data predict growth for Israel’s economy. STARTUP NATION