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Bank of Israel reports that war hurt Israeli economy on many levels

The Bank of Israel has reported that the Israeli economy was significantly impacted by the Israel-Hamas war and the contentious judicial overhaul crisis in 2023. GDP contracted, private consumption and investment declined, and exports decreased. The construction and agriculture industries were particularly affected due to a shortage of foreign workers. The Bank of Israel Governor called for a committee to determine the defense budget and ensure fiscal adjustments are made to prevent a lasting increase in public debt. The amended budget sets a deficit of 6.6% of GDP in 2024, up from a pre-war level of 2.25%.

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Source Id: 2024-03-307673441

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