Nearly 18 percent of Israel's gross domestic product comes from the tech sector, which employs 12 percent of the workforce. The "stagnation" in tech hiring, however, had yet to negatively impact Israel's GDP or exports, said Dror Bin, director of the Israel Innovation Authority (IIA) which compiled the report together with the Start-Up Nation Policy Institute (SNPI). "It's more of a concern" for the future of Israel's tech sector, for which the country is often dubbed "Startup Nation", he told AFP. "We do see a trend of more entrepreneurs deciding to establish their legal entity outside of Israel, but the operation remains in Israel." Recalling past crises and slowdowns, Bin noted the sector had emerged from them "stronger than before".

Source: Daily Nation May 19, 2023 03:04 UTC