Expectations of the Israeli economy to shrink by 6.5% this year

Economists at the Israeli Discount Bank expect the Israeli economy to shrink by 6.5 percent this year.

Analysts said in a note to the bank's clients that these expectations are based on the assumption that most of the restrictions currently being imposed to stop the spread of the new Corona virus (Covid19-) will be lifted by mid-June, with the pandemic not renewing during 2020 and 2021.

The bank also expected the inflation rate to drop to less than zero percent again, as of last April until the first quarter of 2021 at least.

Bloomberg News expected the central bank to keep the main interest rate at 0.1 percent until the end of next year.

It is noteworthy that the Israeli Central Bank expects the economy to shrink this year at a rate of 5.3 percent of GDP, and then grow at a rate of 8.7 percent over the next year.


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