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International Monetary Fund: The Israeli economy will grow by 7.1% - Walla! Money

2021-10-12T13:58:24.653Z


The fund updates its forecast from an estimated growth of 5% to 7.1% following the evaluation of the Israeli economy's performance in the first quarters of 2021


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International Monetary Fund: Israel's Economy Will Grow by 7.1%

The International Monetary Fund updated its growth forecast for the Israeli economy in 2021, from 5% to 7.1%.

The fund also forecasts a further 4.6% of GDP in Israel's current account, but slightly lowered its growth forecast for 2022. At the same time, pessimism about the labor market is evident.

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  • Bank of Israel

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Tuesday, 12 October 2021, 16:18 Updated: 16:41

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After the Bank of Israel updated its growth forecast for 2021 to 7%, the International Monetary Fund also changes its growth forecast and estimates that the Israeli economy will grow at a rate of 7.1% in 2021.



The IMF's previous estimate was that growth this year Some of the changes in the forecast may depend on updating the measurement method of the Central Bureau of Statistics, but it is estimated that most of the upward update in the forecast is due to the Israeli economy's performance in the first quarters of 2021.



The IMF forecast growth downwards. , although it is relatively easy to change - an assessment of the amount of 4.3% growth to 4.1% (compared with the Bank of Israel estimates for 2022, with growth of 5%).



another positive outlook: according to the Fund, the State of Israel is expected current account surplus of 4.6 height % Of gross national product.

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Concern about unemployment

In the IMF forecast, there are also a few points that should turn on warning lights among economy leaders: the most serious of which is the issue of unemployment. The fund estimates that this will stand at 5.1% at the end of the year, that is, one-tenth of a percent higher than the current situation.



In other words: this is further proof that the achievements of the Israeli economy are based on the excellent performance of parts of it, for example the high-tech industry, but are not reflected in full economic prosperity.



For example, the high-tech industry is desperate for workers, but the existing supply of workers in the economy does not meet the needs of high-tech companies, mainly due to gaps in the level of education and literacy required to work in a computerized environment.



Another statistic to note is the projected inflation rate: the IMF estimates that the percentage of inflation in Israel will be 1.4% in 2021 and 1.6% in 2022. However, this estimate is within the inflation range marked by the Bank of Israel, and in all Case in point, significantly lower than the inflationary concern for most of the world economies.

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Source: walla

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