Here the word "hope" is what a person desires to happen and is confident will happen. In this case it is what the people of Israel hope for. Alternate translation: "what Israel joyfully waits for" or "what the people of Israel confidently expect" (See: [[rc://en/ta/man/translate/figs-abstractnouns]])
Paul did not state clearly what Israel hoped for. He may have been referring 1) to their hope that the Messiah would come or 2) to their hope that God would cause those who have died to live again.