Israel’s national debt has been increasing in recent years, largely due to increased government spending and reduced tax revenues. The COVID-19 pandemic has also had a significant impact on the economy, leading to further borrowing and increased national debt.
According to the Bank of Israel, the country’s national debt stood at approximately 73% of GDP as of the end of 2021. This is up from approximately 60% of GDP at the end of 2019.
To address the growing national debt, the Israeli government has implemented various measures aimed at reducing spending and increasing revenues. These include implementing a series of budget cuts, increasing taxes on certain goods and services, and promoting economic growth through targeted investments.
However, reducing national debt is a complex and ongoing process, and it will likely require a combination of measures over the long term. Ultimately, the success of these measures will depend on a variety of factors, including economic growth, fiscal discipline, and effective management of government spending.