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. 

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.

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. 

Research Methodology

OMR global recently published a report addressing the impact of COVID-19 on Israel's economy. The study is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data. Different approaches have been worked on to derive the market value and market growth rate. In the report, the analysis of the country is provided by analyzing various regional players, laws and policies, consumer behavior and macro-economic factors. The report includes analysis of different regions and the effects of COVID-19 on Israel's economy of each respective region. Besides, an expected recovery timeline of the industry will also be included with the best- and worst-case scenario which will aid clients to take their future steps in the decision-making process.

Sources Include

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
• Government Organizations Reports

The report provides an in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.

The Report Covers

• Comprehensive research methodology of the pre and post-COVID-19 impact on the Israel economy.
• A detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Israel economy.
• Insights about market determinants which are stimulating Israel's economy.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.