The bank sees GDP in the fourth quarter of this year contracting by 11% in comparison with the third quarter, Reuters reports.
US investment bank JP Morgan has sharply reduced its growth forecast for Israel, Reuters reports. The bank sees GDP in the fourth quarter of this year contracting by 11% in comparison with the third quarter. The bank’s previous forecast was for a 1.5% contraction.
"Gauging the impact of the war on Israel’s economy remains difficult both due to still very high uncertainty about the scale and duration of the conflict and the lack of high-frequency data at hand," Reuters quotes JP Morgan as saying in a research note released on Friday.
JP Morgan now sees GDP growth in Israel of 2.5% for 2023 as a whole, down from 3.2% in its previous forecast. The bank’s forecast for 2024 is for GDP growth of 1.9%, only slightly down from its previous forecast of 2.0%.
Published by Globes, Israel business news - en.globes.co.il - on October 29, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
JP Morgan
Roi Weinberger and Hezi Sternlicht