A ravaged economy

(JNS) — While it has shown remarkable resilience, the economy has been one area where Israel has clearly suffered significant losses in terms of lost income from the collapse of the tourism industry, the cost of property damage, the cost of war materiel and the cost of rehabilitation. It will take years to recoup the losses, and even then, it is uncertain whether the economy will be as strong as it was before Oct. 7.

One indication of the shape of the economy is the downgrading by major ratings services. S&P and Fitch both reduced the country’s rating from A+ to A. Moody’s Investors Service wa...