Bank of Israel cuts 2009 growth forecast

It now predicts 2.5-2.9% growth, down from 3.2%.

The Bank of Israel is cutting its 2009 growth forecast to 2.5-2.9% from 3.2%. Governor of the Bank of Israel Prof. Stanley Fischer will likely present the revised figure next week when he attends the IMF/World Bank Annual Meeting in Washington.

The revised Bank of Israel growth forecast is in line with capital market predictions. The Ministry of Finance's 3.5% growth forecast now stands in sharp contrast, by as much as one percentage point, to other projections. Senior ministry officials have said that they are aware that the ministry's growth forecast is significantly higher than the forecasts of other agencies, but that they have no plans to change it.

Published by Globes [online], Israel business news - - on October 7, 2008

© Copyright of Globes Publisher Itonut (1983) Ltd. 2008

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