According to an Army Radio calculation based on a Bank of Israel forecast, Israel’s judiciary overhaul is expected to cost the country $14 billion annually over the next three years.
In a press release earlier Monday, BoI warned that Israel could lose 2.8 percent of its gross domestic product annually if the judicial changes go through and “the public… assumes the impact of the legislative changes will continue.” in the next three years.
According to Army Radio, that figure would equate to $14 billion a year, although the number is considered highly speculative.
According to the BoI, should the effects of the overhaul wear off quickly, Israel will lose just 0.8 percent of its GDP per year over three years, while GDP is projected if the justice crisis is resolved in a way that does not affect the economy by 2, Grow 5% this year and 3.5% next year.
The economy grew 6.5% in 2022, beating forecasts and was originally forecast to grow a modest 2.8% in 2023 amid a global economic downturn.
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