Israeli economy update

March 2, 2022 / י׳ באדר תשפ״ג

A conference held at Tel Aviv University brought together experts from various fields and industries to draw attention to the threats posed by the Israeli government's judicial changes. Economists, Nobel laureates, and chess international grandmasters were among those who spoke at the event. The experts warned that the proposed judicial overhaul plans present a clear and present danger to Israel's economy. They cautioned that foreign investors might be scared by the changes, harming Israel's reputation and integration with foreign firms. The conference showed clips of several experts warning against the reform, highlighting how giving too much power to one man or party who's not subject to judicial review can worsen the problem of corruption. Despite the concerns raised, however, Israel's economy is vibrant and dynamic, with a thriving tech sector, making it a leading player on the global stage.

Five Israeli technology-based products were listed among TIME magazine's Best Inventions of 2022, recognized among "200 inventions changing the way we live." Exodigo and Ravin AI were chosen in the AI category, with Exodigo using electromagnetic, radar, LIDAR, and other sensors on carts and drones to provide a 3D picture of underground infrastructure. Ravin AI's intelligent inspection app enables accurate damage analysis and generates 360-degree condition reports. Intuition Robotics' ElliQ robot was chosen in the Accessibility category, providing a voice-operated, AI-powered "chaperone robot" for the elderly. HiBob was chosen in the Apps & Software category, enhancing employee productivity, engagement, and retention. Epic Cleantec's OneWater system was chosen in the Household category, providing wastewater treatment in high-rise buildings. These Israeli innovations improve lives globally, demonstrating Israel's ingenuity in developing transformative technologies.

Israel has made significant achievements in the medical field. The country has banned the use of glyoxylic acid, an ingredient in hair-straightening products, due to its potential to cause acute kidney injury. Additionally, Israeli startups SpotitEarly and Early Labs have reported high success rates in using dogs and rats to detect breast, lung, colon, and prostate cancer. Mileutis has developed Imilac, an antibiotic alternative for dairy cows that boosts the immune system and increases milk production, and could also be used to protect humans. Israel’s AquaPass Medical has developed a microclimate suit that helps heart failure patients rid themselves of fluid buildup. Israeli medics treated around 470 victims of the Turkish earthquakes at a field hospital outside the city of Kahramanmaraş. Beyeonics has used its 3D Byeonics One Augmented Reality headset for thousands of surgical procedures in the US, and the Israel Cancer Association is using AI to increase cancer awareness.

JASON GREENBLATT

“I'm amazed to learn about all the wonderful work of Feed Israel. I wish you continued success."