Israel Economy Update

It was all-hands-off with regards to the interest rate this October. The rate has not changed, but we can expect the Bank of Israel to take a proactive approach next month, and rates are likely to drop from 0.25% to 0.1%. The Bank of Israel prefers to remain in observation mode for now. The current political deadlock, low inflation, strong shekel, worsening global economic climate, and the impending Brexit fallout, all play a role in their wait-and-see approach.

Along with the gloomier fall weather came a bleaker GDP projection. The Bank of Israel and the International Monetary Fund's 2020 estimates are lower than they were in September. Once a new government solidifies, it may face difficulties dealing with its deficit in a sluggish economy.


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