Closure will damage and cost the economy NIS 20 billion

The government is due to vote on Sunday on a full closure for two weeks and another period of "tightened restraint" for another two weeks. In this way, Israel will become the first developed country to impose a general closure for the second time. On Thursday, the heads of the Ministry of Finance reported in a discussion convened by the Minister of Finance that a closure for a month could lead to damage and cost the economy NIS 20 billion.
"The economy could be severely damaged by a general locksmith and one must think carefully before making a move that will be very difficult to recover from." This is what a senior official in the Ministry of Finance said on Thursday. An increase of every week after the end of the holidays means another damage amounting to about NIS 4 billion. Beyond that, these restrictions are expected to significantly increase the current level of unemployment.
The director general of the Ministry of Finance, the Turner-Eyal Foundation, warned that imposing a general closure on the economy would severely damage the Israeli economy, which is currently in the early stages of recovery.
The economists of the Manufacturers' Association claimed that the cost estimated by the Treasury was too low and estimated that the cost would reach NIS 40 billion, along with the dismissal of 100,000 people. The Association of Chambers of Commerce talked about a loss of about NIS 30 billion in the trade and services industries.
At a special meeting held on Thursday, representatives of the business sector raised the difficulties they will face if a closure is decided. In addition, we discussed possible solutions ahead of the cabinet meeting. "We have deployed an extensive safety net for employees, the self-employed and business owners, which is working well, to enable them to get through the difficult period, until the Israeli economy returns to full activity," said the Minister of Finance.
The heads of the business sector have made it clear that they oppose a move of general closure and that one should learn to live alongside the corona and avoid using such drastic measures.
Also, the heads of the business sector expressed concern that businesses that will close once again as a result of another closure will not be able to recover. In addition, they raised the demand to increase enforcement instead of imposing destructive restrictions.