‘The inflation upturn joins a series of worrying economic data: an intensification of the deficit, the downgrading of the credit rating, a reduction in investments and the increase in the cost of housing,’ the media outlet stated.

Since then, foreign investors have withdrawn 50 billion sekels (about 13.6 billion dollars) from the Tel Aviv Stock Exchange.

The situation recalls the days after the Yom Kippur War in 1973, but then the government formulated four emergency plans to try to rescue the economy, while today, those who lead us are not up to the task, he stressed.

Ynet criticized Prime Minister Benjamin Netanyahu and Economy Minister Bezalel Smotrich for ‘freezing budget discussions and issuing imaginary reassuring messages’.

The Israeli government’s failure in the economic field is becoming a fact, he warned.

In the cabinet there are officials who ‘do not understand the magnitude of the danger and others are sure that with God’s help we will show a complete victory also in the economy,’ he said, referring to the religious sector that is part of the administration.

The costs of the conflict for the national economy are estimated at 88.4 billion sekels (about 23.5 billion dollars).

Despite the expenses and the large fiscal deficit, The Times of Israel recently criticized the ultra-right alliance in power for using ‘billions of sekels in discretionary funds, made available to Netanyahu’s political allies’.

The Bank of Israel estimated last month that the national Gross Domestic Product will grow 1.5 percent this year and 4.2 percent next year, a drop from previous estimates due to the aggression against Gaza.

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