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Investment Bank J.
Phi Morgan warned today (Friday) against fear of damage to Israeli economic growth following the changes in its legal system.
According to a review published by the bank for the Israeli market, the legal reform that the Netanyahu government is leading, as well as the latest wave of attacks in Israel, could lead to negative effects and a lowering of the country's rating, similar to the scenario that happened in Poland.
The review of J.
Phi Morgan is published after just this week Prime Minister Benjamin Netanyahu boasted of a document published by the investment bank regarding the low risks of investing in Israel, and called the legal reform "only background noise".
According to an investigation by the Globes newspaper, although it is an official recommendation of the bank, it is a document of the trading department that provides short-term economic recommendations only, and its author is not an economist.
In contrast to that document, in the report that the bank sent tonight to investors and customers around the world, it clarified the bank's official position and warned: following the expected changes, there is concern about investing in Israel.
The report, which includes an extensive overview of the effects of the Israeli challenges, provides a comparison with the situation in Poland, and warns of the possibility of damage to the credit rating: "There is also a risk of a decrease in the credit rating of the State of Israel's debt, but JP Morgan expects such an effect to be limited." Written.
"The proposed legal reforms have sparked significant local protests at various levels, with concerns about the country's institutional strength and the potential negative impact on investment flows and growth," the report states, "and could have medium-term investment and growth implications that are difficult to quantify."
In the face of the Israeli economy, the bank finds it difficult to predict what is going to happen in the months after the reform is passed and explains that there are no events in Israel's history to which the reform can be compared, and international comparisons are only partial at this stage.
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