New submitter Alex Wilson shares a Reuters report: Driven by startups, Israel’s technology industry is the fastest growing part of the economy. It accounts for 14 percent of economic output and 50 percent of exports. But a shortage of workers means its position at the cutting edge of global technology is at risk, with consequences for the economy and employment. When Alexey Chalimov founded software design firm Eastern Peak in Israel four years ago he knew he would not find the developers he needed at home. He went to Ukraine and hired 120 people to develop mobile apps and web platforms for international clients and smaller Israeli startups. “I worked for years in the Israeli market and I knew what the costs were in Israel and I knew there was a shortage of workers,” he told Reuters. The government’s Innovation Authority forecasts a shortage of 10,000 engineers and programmers over the next decade in a market that employs 140,000. Israel has dropped six spots in three years to 17th in the World Economic Forum’s ranking of the ease of finding skilled technology employees. In the meantime, many Israeli startups are looking abroad.
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