From the Liveblog of
Thursday, August 22, 2024
Israel’s economy experienced biggest slowdown among OECD countries from April to June
Sharon Wrobel is a tech reporter for The Times of Israel.
Israel’s economy suffered the biggest slowdown in the April to June period among 38 member countries in the Organisation for Economic Co-operation and Development (OECD), as the ongoing war with the Hamas terror continues to take a heavy toll on the country.
Israel “experienced the most significant slowdown” as growth slowed from 4.1 percent in the first three months of the year to 0.3% in the second quarter, the OECD says in a report. Gross domestic product (GDP) in the OECD was steady, expanding by 0.5% in the second quarter of 2024, the same pace as in the previous quarter, according to initial estimates. Growth in the US economy rose from 0.4% in the first quarter to 0.7% in the second quarter, the data shows.
In May, the OECD cut its growth forecast for the Israeli economy for this year to 1.9% from 3.3% and projects 4.6% in 2025. The Bank of Israel lowered its 2024 growth forecast to 1.5%, while the Finance Ministry sees growth of 1.9% for this year.
