Israel inches up in ranking of world’s strongest economies

Israel rises to 30th place in the Center for Economic and Business Research (CEBR) ranking of the strongest economies in the world in 2020, after being ranked 33rd last year.

The authors of the report estimate that in 2035 Israel will rise to 29th place.

The report says that the Israeli economy was severely affected by the coronavirus crisis, and as a result it is estimated that GDP fell by 5.9% in 2020.

The economy is, however, expected to recover to the level of its past highs in 2021, according to the report, with the annual growth rate of GDP averaging 4.4% between 2021 and 2025, and slowing to an average of 4% in 2026-2034, according to the report.

Meanwhile, the loss of tax revenue and financial support from the government over the crisis pushed the debt-to-GDP ratio from a fairly stable level of about 57% in 2019 to a predicted 77% in 2021, the CEBR report says.