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Arutz 7 TV
Recession Approaching, Wages Frozen
Reported: 06:17 AM - Sep/16/08
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(IsraelNN.com) More than half of Israeli companies, particularly the high-tech industry, have cut additional hours and work shifts as the threat of a worldwide recession grows. Prospects for the second half of this year are dim.
Among 100 companies surveyed by economists, one-third froze or reduced their budgets in the first half of the year, and more are expected to do so by the end of the year. The downturn is most pronounced in high-tech companies.
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