Search and Hit Enter

Israel: Two-thirds of small start-ups expect to shut down in coming months

Around 65% of small start-ups expect to shut down entirely in the next six months due to the economic impact of the coronavirus crisis, according to a poll conducted by the Israeli Innovation Authority, a state agency that finances start-ups.

According to The Guardian, Israel’s hi-tech sector accounts for ten percent of jobs, and unemployment now stands at 27%, up from just 3.4% before the coronavirus epidemic hit.

More than a third of surveyed companies have sent their staff on unpaid leave, and despite the government’s plan to compensate employers for rehiring their workers, many do not expect a return to “business as usual.”

Source: Arutz Sheva