Categories: World

Israel’s tech sector investments drop by nearly half in 2022, reflecting the slowdown in the global economy

close Video

Fox News Flash top headlines for January 10

Fox News Flash top headlines are here. Check out what’s clicking on Foxnews.com.

Investments in Israel’s tech sector dropped by nearly half in 2022, reflecting a global economic slowdown, a nonprofit group reported Tuesday.

Startup Nation Central, which tracks the industry in Israel, said the total value of investments in the tech sector sank from an all-time high of $27 billion in 2021 to about $15.5 billion last year. The tech industry accounts for more than half the country’s exports, according to official data.

It cited the global economic downturn and said the trend was not unique to Israel.

ISRAELI FIRM TAKES VENTURE WORLD WITH CROWDFUNDING APPROACH

Cybersecurity firms suffered the toughest hit, with a funding decline of more than 60% between 2021 and last year, SNC said. Other sectors that each suffered a decline in investment sank by about 42%, the study found.

Israelis are pictured above working on computers at the "CyberGym" school in the coastal city of Hadera. Investments in Israel’s tech sector dropped by nearly half in 2022, reflecting a global economic slowdown. 
(AP Photo/Dan Balilty)

The group said the drop happened in the last half of 2022 as a result of inflation and interest rate hikes, as well as supply chain problems and other issues related to the Russian invasion of Ukraine.

CLICK HERE TO GET THE FOX NEWS APP

Over 400 tech industry executives and workers in recent weeks warned Prime Minister Benjamin Netanyahu in a letter that his hard-line coalition’s proposals could harm the sector and discourage foreign investment.

Share

Recent Posts

Trump names several new White House picks to work on AI, crypto and more: ‘America First Patriots’

President-elect Donald Trump unleashed a slew of nominations on Sunday night, naming several new people…

2 hours ago

Trump nominates Callista Gingrich as U.S. ambassador to Switzerland, announces other picks

President-elect Trump on Sunday named Callista Gingrich, wife to former Speaker of the House Newt…

2 hours ago

China warns US to stop arming Taiwan after Biden approves $571M in military aid

China has warned the U.S. that it is making "dangerous moves" by providing Taiwan with…

2 hours ago

NYPD arrests migrant who allegedly set woman on fire on subway train, watched her burn to death

close Video Tyrus 'could not be prouder' of NYC mayor after meeting with incoming 'border…

4 hours ago

Prankster arrested after reportedly filming himself spraying food at Walmart: ‘Reckless’

close Video Fox News Flash top headlines for December 22 Fox News Flash top headlines…

6 hours ago

Woman dies after being set on fire while sleeping on NYC subway train: police

close Video Tyrus 'could not be prouder' of NYC mayor after meeting with incoming 'border…

6 hours ago